Oil prices rose Monday after the U.S. launched retaliatory strikes in Iraq and Syria against Iranian forces and their allies over the weekend, raising the risk that the Middle East is heading toward a broader conflict.
The West Texas Intermediate contract for March rose 50 cents, or 0.69%, to settle at $72.78 a barrel. The Brent contract for April gained 66 cents, or 0.85%, to settle at $77.99 a barrel.
The U.S. launched retaliatory airstrikes Friday against Iran’s Islamic Revolutionary Guard Corps and allied militias in Iraq and Syria. The airstrikes, which hit more than 85 targets, came in response to the deaths of three U.S. troops in a drone strike by Iran-allied militants.
The U.S and the U.K. also launched renewed strikes Saturday against Houthi militants in Yemen. The Houthis, who are allied with Iran, have repeatedly targeted commercial shipping in the Red Sea.
U.S. Secretary of State Antony Blinken also arrived in the Middle East on Monday to push for an extended humanitarian pause in Gaza in exchange for the release of hostages held by Hamas. Blinken will visit Saudi Arabia, Egypt, Qatar, Israel and the West Bank this week.
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