US-Iran Conflict Drives Oil Prices Above $90 a Barrel
The oil price surge has continued into this week, reaching above $90 a barrel for the first time in weeks. Brent crude rose more than 2% on Monday to settle at around $90.32 a barrel, while US West Texas Intermediate crude rose by 2.4% to about $85.41 a barrel.
The jump in oil prices comes after the United States launched fresh strikes on Iran and Tehran hit back with ballistic missiles aimed at air bases in Jordan.
US Treasury Secretary Scott Bessent warned that Washington plans to sanction another bank this week as part of its effort to cut Iran off from the global financial system, saying 'this is going to be financial violence if we have to.'
Bessent also met with finance officials from major economies and developing countries during the G20 meetings, including Chinese officials, who are Iran's biggest buyers of oil.