BAKU, Azerbaijan, June 8. Oil prices surged on Monday and global stock markets came under pressure after hostilities between Israel and Iran resumed with a new exchange of air strikes.
Brent crude rose by more than 5 percent, climbing above $97 per barrel as investors reacted to growing concerns over the conflict's impact on energy supplies and regional stability.
TurkicWorld reports that despite the sharp increase, oil prices remain below the $100-per-barrel threshold and significantly lower than the peak of around $120 reached in April during the height of the confrontation between the United States, Israel, and Iran.
Crude prices had eased in recent weeks amid hopes that diplomatic efforts and a ceasefire could lead to a lasting reduction in tensions. However, those expectations were undermined after Israel launched strikes on Beirut, while Iran responded with missile attacks on Israel, marking its first direct strike since the ceasefire came into effect in April.
