Crude oil futures surge amid Israel-Iran conflict
Oil prices climbed on Monday after fresh conflict between Israel and Iran raised worries about global supply. Brent crude hit $75.06 (up 1.12%) and WTI reached $72.13 (up 1.18%). In India, crude futures also saw noticeable gains.
Israel-Iran conflict pushes up crude oil prices
The surge follows Israel's recent strike on Iran's South Pars gas field, which forced a production shutdown. Crude oil prices closed 7% higher last Friday due to the latest geopolitical developments. Even as fighting continues, calls for peace—including one from former US President Donald Trump—haven't led to a ceasefire yet.
China reports stronger-than-expected retail sales growth
On top of the geopolitical drama, China reported stronger-than-expected retail sales growth at 6.4%, though industrial output was slightly below forecasts. These updates show how global events and economic signals can quickly shake up energy markets worldwide.