Oil prices rose as the U.S. military confirmed a third service member was killed during escalating hostilities with Iran.
Oil prices climbed on Monday as tensions between the U.S. and Iran intensified, following a ninth consecutive night of American strikes aimed at disrupting Iranian attacks on commercial shipping in the Strait of Hormuz. The U.S. Central Command reported that a third service member was killed during the recent fighting, bringing the total U.S. death toll to 17 since the conflict began in February. The escalation in hostilities sent energy prices higher, with international benchmark Brent crude futures gaining 3.22% to reach $90.94 a barrel. Meanwhile, U.S. West Texas Intermediate futures rose 2.79% to trade at $84.79 per barrel. Global markets showed mixed reactions to the geopolitical strain. While Asian markets saw significant declines—notably South Korea's Kospi dropping 4.5%—European stocks traded in negative territory. In the United States, stock futures remained mixed as investors balanced the Middle East developments against recent pressure on semiconductor stocks. Traders are also preparing for upcoming earnings reports from major tech companies including Alphabet and Tesla.