Baghdad: Oil prices jumped in early trading on Monday to their highest levels since January, as Washington’s move over the weekend to join Israel in attacking Iranian nuclear facilities fueled supply concerns. By dawn today, Brent crude futures rose $1.92, or 2.49%, to $78.93 a barrel. US West Texas Intermediate (WTI) crude futures rose $1.89, or 2.56%, to $75.73.

According to National Iraqi News Agency, both crudes experienced a significant increase of over 3% earlier in the session, reaching $81.40 and $78.40 per barrel, respectively. These figures marked their highest levels in five months before they gave up some gains. The sudden spike in oil prices is attributed to fears of potential disruptions in oil supply due to heightened tensions in the Middle East following the joint military action by the United States and Israel.