U.S. crude oil jumps nearly 3%, trades above $76 as market waits for Israel strike against Iran

U.S. crude oil rose nearly 3% on Monday, as the market waited for Israel to strike Iran.

Oil prices spiked last week on fears that Israel could hit the Iran’s oil industry in retaliation for Tehran’s ballistic missile attack.

U.S benchmark West Texas Intermediate surged 9.09% last week for the biggest weekly gain since March 2023. Global benchmark Brent jumped 8.43% for the biggest weekly advance since January 2023.

Here are Monday’s energy prices:

• West Texas Intermediate November contract: $76.44 per barrel, up $2.06, or 2.77%.
• Brent December contract: $79.91 per barrel, $1.86, or 2.38%.

President Joe Biden on Friday discouraged Israel from striking Iranian oil facilities, after prices jumped about 5% a day earlier when the president suggested the U.S. was discussing the possibility of such a strike.