MOSCOW, March 2 — Global oil prices are jumping 9 to 10 per cent amid the escalation in the Middle East, and the price of Brent crude has risen above US$80 per barrel for the first time since June 23, 2025, according to trading data.
As of 7.03am, May futures for Brent crude were trading up 10.4 per cent at US$80.03 per barrel, the first time since June 23 last year that the price has risen above US$80.
April WTI futures rose by 9.43 per cent, to US$74.90.
The US and Israel began striking targets in Iran on Saturday, including Tehran, with reports of damage and civilian casualties.
Iran is carrying out retaliatory strikes on Israeli territory, as well as on US military facilities in the Middle East.
The strikes on Iran were carried out despite negotiations on the Iranian nuclear issue between Washington and Tehran, the most recent round of which took place on February 26 in Geneva.
The US-backed attack killed Iran's Supreme Leader, Ayatollah Ali Khamenei. The country declared 40 days of mourning.
Russian President Vladimir Putin said that Khamenei's assassination was a cynical violation of all norms of human morality and international law.
The Russian Foreign Ministry condemned the US and Israeli attack and called for an immediate de-escalation and cessation of hostilities.
