Oil prices increase following U.S.-Iran attacks disrupting global supply

Oil prices surged as U.S. and Israeli attacks on Iran and retaliatory strikes in the Gulf raised concerns about disruptions to oil supply. Traders anticipated that oil exports from Iran and the Middle East could be severely impacted, especially through the Strait of Hormuz, which handles about 20% of global oil shipments. West Texas Intermediate crude climbed to approximately $72 a barrel, an 8% increase from Friday. In response, OPEC+ countries announced plans to boost production by 206,000 barrels per day in April, but analysts warn that access to export routes is critical for market stability.

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