The latest escalation between the US and Israel against Iran has unsurprisingly increased the cost of oil.
But after an initial spike on the open last night, prices eased.
A barrel of Brent crude – the benchmark price – actually costs less than it did on Thursday at $78.16.
As oil markets opened for the first time since the weekend strikes, the price shot up to $80.13, a five-month high last seen in late January.
It’s worth remembering that this is around the average price for 2024.
While the increase since late last week isn’t so sharp, oil is up substantially throughout June.
This time last month, a barrel cost $64, when prices were depressed after the world reeled from Donald Trump’s April tariff announcements.
Iran is not the world’s largest producer, and no oil sites have been hit, allowing investors to remain relatively calm, for now.
