Global crude markets advanced at the start of the week after Iran fired missiles at Israel, testing a fragile ceasefire in place since mid-April. During Monday morning trading in Asia, Brent crude jumped 2. jumped 2.6% to $95.50, while the US-traded crude benchmark climbed 2.5% to $92.75. The strikes were the first direct Iranian missile attack on Israel since the US helped broker the spring agreement.
Iran's Islamic Revolutionary Guard Corps said the initial missile launches were the start of a full week of strikes. Israel's military said it is ready to strike the enemy as soon as the order is given.
Threat to global shipping
The hostilities have disrupted maritime energy shipments from the Gulf. Traders are weighing the conflict's impact on global energy flows after Iran threatened to attack commercial vessels crossing the Strait of Hormuz. Crude prices have hovered near the $95 mark over the past week.
President Donald Trump told Axios he plans to call Israeli Prime Minister Benjamin Netanyahu and urge restraint. He said the US is very close to a final deal with Iran and does not want it to blow up because of the missile strikes.
