Oil Rises to $78.5 After U.S. Strikes on Iran

IOn Monday, oil prices surged to their highest levels since January 2025 after the United States joined Israel in striking Iran’s nuclear facilities, Reuters reports.

The escalation has increased supply risks in the global oil market. Brent crude rose by $1.52 (+1.97%) to $78.53 per barrel, while WTI added $1.51 (+2.04%), reaching $75.35 per barrel.

During the trading session, benchmark prices jumped more than 3%, marking a five-month high.

U.S. President Donald Trump announced that the American military had destroyed Iran’s key nuclear sites. In response, Tehran vowed to defend its interests.

Iran is reportedly considering closing the Strait of Hormuz, a vital maritime route through which one-fifth of the world’s oil supply flows. While Iran’s parliament has agreed to the closure, the decision still requires approval from the country’s Security Council.

Kursiv Uzbekistan reports on how the U.S. strike on Iran could impact global financial markets.