Photo courtesy of Joan Bondoc- Philippine News Agency (PNA).
Brent crude briefly surged past $106 a barrel early Monday before easing to just above $104, reflecting continued volatility in the Middle East, market reports said.
Oil futures resumed trading around 2200GMT on Sunday, prompting the latest climb in global crude prices.
US President Donald Trump said on Friday that recent US strikes targeted Kharg Island, Iran’s main oil export terminal in the Persian Gulf, without damaging oil infrastructure.
He warned, however, that any interference with the free passage of ships through the Strait of Hormuz could prompt the immediate destruction of facilities.
The spike in oil prices comes amid heightened hostilities following US and Israeli joint attacks on Iran on February 28, which reportedly killed around 1,300 people, including former Supreme Leader Ayatollah Ali Khamenei.
In retaliation, Iran has launched drone and missile strikes against Israel, Jordan, Iraq, and Gulf countries hosting US military assets.
Analysts said the ongoing conflict threatens to disrupt oil supplies and further affect global energy markets.
Traders and governments are closely monitoring the situation, as any escalation could influence fuel prices worldwide, including in the Philippines.
