00:01Oil prices extended gains on Monday, with Brent headed for a record monthly rise.
00:07It's after Yemeni Houthis launched their first attacks on Israel over the weekend,
00:12widening the US-Israel war with Iran in the Middle East.
00:16Brent crude futures jumped 3.5% to $116 a barrel in early trade, after settling 4.2% higher
00:25on
00:25Friday. US President Donald Trump said the US and Iran have been meeting directly and indirectly,
00:32and that Iran's new leaders have been, quote, very reasonable. That's as more US troops arrived
00:39in the region, and the Israeli military said on Monday it's attacking the Iranian government's
00:44infrastructure throughout Tehran. Brent has soared 59% this month, the steepest monthly jump.
00:51It's exceeding gains seen during the 1990 Gulf War. The conflict has effectively closed the
00:57Strait of Hormuz, a route for a fifth of the world's oil and gas supplies. Data showed Saudi
01:03crude exports redirected from the Strait of Hormuz to the Yanbu port in the Red Sea reached over
01:094.5 million barrels per day last week. JPMorgan analysts have said if exports from Yanbu were to
01:17be disrupted, Saudi oil would need to pivot toward Egypt's Suez-Mediterranean pipeline to the Mediterranean.
Comments