Oil prices jumped Monday, hitting their highest levels in months as Iran and Israel
stepped up a conflict in the Middle East. International benchmark Brent crude briefly
topped $82 per barrel. It was up around 6% by early afternoon in Asia, with US oil seeing
similar gains. Analysts at Citi now expect Brent to trade between $80 to $90 a barrel this
week. Israel launched a new wave of strikes on Tehran on Sunday, and Iran responded with more
missile barrages. The attacks put ships at risk, with missiles hitting at least 3 tankers
off the Gulf Coast and killing 1 seafarer. That was according to shipping sources and
officials on Sunday. Iran says it has closed navigation through the Strait of Hormuz, a key
route for oil supplies. The news prompted checks on stockpiles by refiners and
governments in Asia. That region gets most of its crude from the Gulf, which accounts for 50%
of China's supply and 90% of Japan's. Risks to commercial shipping have surged over the past
24 hours. On Sunday, data showed more than 200 vessels, including oil and liquefied gas
tankers, had dropped anchor around the strait and surrounding waters. Amid the conflict, the
OPEC plus group of oil exporting nations on Sunday agreed to a modest output boost of
206,000 barrels per day for April.