Crude oil prices jumped as much as 3 percent on Monday after the escalaton in the US-Iran conflict heightened oil supply concerns. Brent Crude surpassed
90 dollars per barrel and WTI Crude surpassed 84 dollars per barrel (at the time of filing this copy). Iran has reportedly fired drones and missiles at Kuwait, Bahrain and Jordan, after consecutive night of attacks by the United States reportedly on Iranian cities. Bahrain, Kuwait and Jordan reported multiple Iranian strikes on Sunday, with Kuwaiti authorities even reportedly stating that one attack started a fire at a power and water plant. Experts believe US and Iran have once again made the Strait of Hormuz and the questions around the energy landscape of the world surface after escalating tensions. Both sides have targeted civilian infrastructure relied on by millions of people, and benchmark Brent Crude rates surpassing 90 dollars per barrel, have further fuelled a global energy crisis sparked by the conflict. US President Donald Trump once again stated the United States had struck Iran "very hard again tonight" in honour of American service members killed in the conflict. Speaking to reporters after returning to Washington from the World Cup final, Trump said the death toll was "probably three" and described those killed as "great patriots." "We feel very badly," he said, adding that they had been fighting to ensure that "Iran cannot have a nuclear weapon." Brent Crude prices were near 85 dollars per barrel on Friday, after Iran threatened to retaliate if US President Donald Trump followed through on threats to strike Iran's key facilities. Iran stated that it would "crush" key targets in the Middle East if Donald Trump’s threats to target the country’s infrastructure in the coming days are indeed carried out. In an interview to Fox News, US President Donald Trump had earlier last week stated, "US forces would target key Iranian infrastructure next week if a diplomatic breakthrough is not achieved."
