WASHINGTON (dpa-AFX) - Crude oil prices have skyrocketed during trading on Monday amid concerns about supply disruptions due to the conflict in the Middle East.
After surging $1.81 or 2.8 percent to $67.02 a barrel during last Friday's trading, crude oil for April delivery is soaring $4.08 or 6.1 percent to $71.10 a barrel.
The price of crude oil had spiked by as much as $8.30 or 12.4 percent to a high of $75.33 a barrel in overnight trading.
The sharp increase by the price of crude oil comes after the U.S. and Israel launched joint strikes against Iran over the weekend, killing Iranian Supreme Leader Ayatollah Ali Khamenei.
Iran retaliated by launching waves of drones and missiles on countries across the Middle East, including Kuwait, the United Arab Emirates, Bahrain, Saudi Arabia, Oman, and Qatar.
The conflict in the region escalated further today after Israel launched airstrikes on Hezbollah targets in Beirut and other parts of Lebanon following projectile fire from Lebanese territory into northern Israel.
In remarks at the White House, President Donald Trump said the conflict with Iran is expected to last four to five weeks but said the U.S. has the 'capability to go far longer than that.'
Barclays has warned that Brent crude prices could reach $100 a barrel in the event of a material supply disruption.
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