Oil prices jumped in early Asian trade on Monday after Israel and Iran launched new attacks on Sunday, which increased fears that the escalation of the battle could lead to a wider regional conflict and disrupt oil exports on a large scale from the Middle East.
Brent Future 2.37 dollars, or 3.2 %, increased to $ 76.60 a barrel, while US crude in West Texas West Media rose $ 2.39, or 3.3 %, to $ 75.37. They rose more than $ 4 earlier in the session.
Both standards settled by 7 % on Friday, after more than 13 % rose during the session to the highest levels since January.
The last exchange of strikes between Israel and Iran led to civilian victims and intense fears of the broader regional conflict, as both civilian armies urged the opposing side to take precautions against additional strikes.
German Chancellor Friedrich Mirz said that he hoped that a meeting of a group of seven leaders in Canada on Sunday will reach an agreement to help resolve the conflict and prevent him from escalation.
Meanwhile, Iran told the mediators Qatar and Oman that it is not open to negotiate a ceasefire while he was in the Israeli attack, according to a Reuters official on Sunday, where the players launched new attacks and raised fears of broader conflict.
