- Oil prices spiked on Monday as tensions flared in the Middle East.
- Israel is preparing for an Iranian attack after killing a Hamas leader in Tehran two weeks ago.
- WTI crude oil and Brent crude were up over 3.6% and 2.86%, respectively.
US and international oil prices are surging as tensions in the Middle East simmer ahead of a potential attack by Iran against Israel.
West Texas Intermediate crude oil rose as much as 4% and was up by bout 3.6% to $79.62 a barrel at the end of the day on Monday, while Brent was u 3% to trade above $82.
The rise in oil prices comes as Israel prepares for potential attacks from Iran, sources told the Wall Street Journal. Israel put its military on high alert for the first time this month as it observed Iran and Hezbollah preparing to attack, the source said.
The Pentagon announced late on Sunday that the US has accelerated the deployment of an aircraft carrier to the Middle East.
Tensions have risen sharply after the Israeli military killed senior Hamas leader Ismail Haniyeh in Tehran just hours after killing a senior Hezbollah official in Beirut late last month.
Leaders in the US and other countries have feared an escalation of tensions between Iran and Israel for some time, and observed limited attacks between the two countries in April. A more open conflict could spill over into other parts other region, experts say.
OPEC+, meanwhile, has lowered its global oil demand growth forecast for the year, and the latest rally in prices comes two weeks after US oil production hit a record high of 13.4 million barrels per day.
Even before the latest production record, the Energy Information Administration announced in March that the US produces more crude oil than any other country.