Energy Preview: WTI crude oil soars to 8-month high on escalating Middle East tensions

WTI crude oil soars nearly 5% in early Asia on Monday amid escalating tensions in Middle East after joint military strikes by the US and Israel against Iran ensued over the weekend. The US and Israel began major combat operations in Iran over the weekend. Iran has responded by firing drones and missiles into Israel and American targets, including the United Arab Emirates, Bahrain, Qatar, Kuwait, and Jordan. Reportedly, Iranian Supreme Leader Ayatollah Ali Khamenei was killed during the military strikes. Disruptions in the Strait of Hormuz, which handles roughly one-fifth of global oil shipments will be closely watched. Currently, the counter is quoting at $70 per barrel, up almost 5% and uts highest level since June last year.

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