Bombings drive up crude oil prices

Oil prices experienced a significant jump over the weekend, driven by escalating tensions and renewed hostilities in the Middle East. West Texas Intermediate (WTI) crude oil futures for September delivery rose 2.37%, settling at $85.57 per barrel, as reported by EFE from New York.

The market remains highly sensitive to developments in the region. The conflict intensified after the United States conducted airstrikes against Iran on Wednesday night, retaliating for Iran's earlier attack on U.S. bases in Jordan. This exchange marks a reactivation of direct confrontations between Washington and Tehran this week.

Adding to the instability, Saudi Arabia, alongside the U.S., launched an offensive against pro-Iranian militias in northern Iraq. Furthermore, the conflict expanded to Egypt, where a drone attack caused a fire on two ships in the Mediterranean port of Damietta, according to Egyptian authorities who are investigating the drone's origin.

In Europe, the benchmark Brent crude oil price for September delivery also saw a substantial increase, climbing over 7% to trade above $90 per barrel. By 17:00 GMT, Brent was up 7.6% at $90.46, having reached a session high of $91.06. This surge reflects the market's reaction to the heightened geopolitical risks, despite previous indications from former President Trump about potentially suspending hostilities.