Ammon News - Oil prices jumped 7% to their highest levels in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.

Brent crude futures shot up to $82.37, the highest since January 2025, in the first futures trading after the U.S. and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. As of 0054 GMT, Brent futures were at $78.24 a barrel, up $5.37, or 7.37%.

U.S. West Texas Intermediate crude rose $4.66, or 6.95%, to $71.68 a barrel after touching $75.33 earlier, the loftiest since June 2025.
Israel launched a new wave of strikes on Tehran on Sunday and Iran responded with more missile barrages, a day after the killing of Supreme Leader Ali Khamenei pitched the Middle East and the global economy into deepening uncertainty.

The attacks exposed ships to collateral damage as missiles hit at least three tankers off the Gulf coast and killed one seafarer, shipping sources and officials said on Sunday.

Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners - key buyers - to assess oil stockpiles.

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Citi analysts expect Brent to trade between $80 and $90 a barrel this week amid the ongoing conflict.