Oil prices rise above 3 percent

Oil prices rose significantly by over 3% at the start of trading, amid escalating tensions between Iran and Israel in the Middle East and growing fears of disruptions to oil supplies. Brent crude climbed by 3.03% to reach $95.93 per barrel, while West Texas Intermediate increased by 3.3% to $93.40. The surge was driven by a rising demand for safe-haven assets amid the military escalation. This increase followed Iran firing missiles at northern Israel, and the OPEC+ alliance reaffirmed its commitment to raise production by 188,000 barrels per day starting in July.

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