Oil prices climbed during early Asian trading on Monday after Iran fired missiles at Israel. The strikes are the first direct attack since a fragile ceasefire was established in April. The global benchmark Brent crude rose 2.6% to $95.50 a barrel, and US-traded crude gained 2.5% to $92.75.
Iran's Islamic Revolutionary Guard Corps said the strikes are the start of a full week of attacks. A ceasefire agreement has been in place since April 17, though both Israel and Iran have repeatedly violated it.
US President Donald Trump reportedly told Axios he would urge Israeli Prime Minister Benjamin Netanyahu not to retaliate, citing a final deal with Iran. Israel's military said it will strike the enemy once orders are given.
Oil prices have moved sharply since US and Israeli strikes on Iran in late February. Prices have stayed near $95 in recent days as the conflict has disrupted Gulf energy shipments. Iran has threatened to target vessels attempting to transit the Strait of Hormuz.