Oil prices have jumped as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf ripple through the global energy supply chain.

Oil prices jumped 13% to cross $80 per barrel for the first time since 2024 as traders began rapidly pricing in major disruption to oil flows through the Middle East.

Oil prices rose sharply when market trading began late Sunday over concerns that the supply from Iran and elsewhere in the Middle East would slow or grind to a halt.

Producers' group reacts as the Middle East crisis threatens to fan a geopolitical risk driven oil price spike in a market that seemed pretty well supplied until now.

Most of Iran's exported oil goes to China and is carried on so-called "shadow ships," tankers that actively conceal their activities to evade sanctions or other restrictions. The U.S. has recently escalated its sanctions enforcement on shadow fleets in an attempt to limit their activities.

Crude hasn’t hit that level since the start of the war between Russia-Ukraine.

Oil prices opened stronger this morning following US and Israeli strikes on Iran over the weekend. There are significant supply risks facing the global oil and LNG market.

The high prices came as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain.