Oil and gold prices surged on Monday following Israel’s airstrikes on Iran’s nuclear facilities. The escalating tensions in the Middle East have raised concerns about potential disruptions to oil supplies and increased demand for safe-haven assets like gold.
The price of Brent crude, the international benchmark for oil prices, jumped over 2% to reach $112 per barrel, while gold prices climbed to a one-week high of $1,800 per ounce. Investors are closely monitoring the situation in the region, as any further escalation could lead to even higher prices for these commodities.
Israel’s airstrikes on Iran’s nuclear facilities come amid mounting tensions between the two countries. Iran has been accused of conducting covert operations to develop nuclear weapons, a charge it denies. The Israeli government has long maintained that it will not allow Iran to acquire nuclear capabilities and has taken military action to prevent it.
The latest strikes have raised fears of a wider conflict in the Middle East, which could disrupt oil supplies from the region. Iran is one of the world’s largest oil producers, and any disruptions to its output could lead to higher prices for consumers around the globe.
In addition to oil, gold prices have also surged in response to the heightened tensions in the region. Gold is often seen as a safe-haven asset in times of geopolitical uncertainty, as it tends to hold its value even as other assets fluctuate.
Investors are closely monitoring the situation in the Middle East and assessing the potential impact on global markets. The uncertainty surrounding the conflict could lead to increased volatility in oil and gold prices in the coming days.
Overall, the recent airstrikes by Israel on Iran have led to a sharp increase in oil and gold prices. Investors are bracing for further volatility as tensions in the region continue to escalate.