Oil Prices Surge, Dollar Strengthens After U.S. Strikes on Iranian Nuclear Sites

Global oil markets reacted sharply on Sunday as crude prices surged following U.S. airstrikes on Iranian nuclear facilities. Brent crude briefly jumped over 7% while West Texas Intermediate (WTI) spiked nearly 6%, reflecting investor fears of escalating conflict in the Middle East. Though prices eased slightly later, both benchmarks remained significantly higher.

The strikes, which targeted underground enrichment sites in Iran, triggered immediate warnings from Tehran. Iranian lawmakers began debating the closure of the Strait of Hormuz, a vital channel through which nearly 20% of global oil supply flows. Market analysts warned that any disruption could send prices soaring to $100 per barrel or more.

Meanwhile, the U.S. dollar firmed as investors turned to safer assets. The dollar index rose by 0.12%, weakening the euro and other major currencies. Experts say further instability could rattle global markets and pressure inflation worldwide.