FX.co ★ Crude Oil Surges for 2nd Session

At the onset of the week, oil prices continued their upward trajectory as tensions between Israel and Iran intensified over the weekend, stirring concerns about potential disruptions to crude oil supplies from the Middle East. Crude oil prices approached $75, marking the highest level in six months after a nearly 6% surge earlier in the session and a 7% increase by the close of Friday’s trading. The escalation began with Israel launching an attack on the expansive South Pars gas field located in the Persian Gulf, which prompted the shutdown of a production platform, following airstrikes on Iran’s nuclear facilities and military leadership the previous week.