Due to expectations of a widening Middle Eastern conflict that could tighten global crude oil supplies, oil prices jumped by more than 3% on Monday, rising for a fifth consecutive session.

U.S. West Texas Intermediate crude futures rose $3.22 or 4.2% to settle at $80.06 a barrel, while the global benchmark Brent crude futures ended higher at $82.30 per barrel, increasing by $2.64 or 3.3%. It marked Brent highest daily percentage gain in a year.

The region is preparing for possible attacks on Israel by Iran and its allies as the U.S. Defense Department said over the weekend it will send a guided missile submarine to the Middle East.

“We are stacking assets one over another and making it look like if this goes hot, it can also go ugly,” Mizuho New York-based director of energy futures Bob Yawger noted.

Fuad Shukr, Hezbollah military commander and Ismail Haniyeh, Hamas leader have both been killed and Iran together with Hezbollah have vowed to retaliate in return An assault like this could widen the Middle Eastern conflict closing off access to global oil supplies pushing prices higher.

If such an attack occurred then United States would perhaps institute embargos on Iranian crude exports which might jeopardize supply at around 1.5 million barrels per day

Culled from Fox News

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