Global oil prices surged on Sunday as the Israel-Iran conflict continued to rattle markets, with Brent crude rising 3.9% to $80 per barrel and U.S. crude climbing 4.3% to $77 per barrel.
The ongoing tensions have caused sharp fluctuations in oil prices over the past week, fueling volatility in the U.S. stock market. Futures for the S&P 500 fell 0.6% on Sunday, and treasury yields dipped slightly amid investor concerns.
The Strait of Hormuz, a critical chokepoint for global crude supply, has become a focal point due to Iran's position as a major oil producer and its proximity to the waterway. Fears of disruptions to crude flow have driven markets to react strongly to developments in the conflict.
Analysts warn that further escalation in the Middle East could significantly impact global energy supplies and financial markets.
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Saudi Foreign Minister Prince Faisal bin Farhan has arrived in Washington for talks with U.S. Secretary of State Marco Rubio on bilateral ties and key regional and international developments, Saudi state news agency SPA reported.
The European Union's decision to simultaneously advance accession talks with Ukraine, Moldova, Montenegro and Albania marks its most ambitious enlargement effort in more than two decades.
U.S. President Donald Trump has denied reports that he offered Iran sanctions relief and access to frozen funds in exchange for nuclear concessions.
British Prime Minister Andy Burnham has declared that Brexit has done more harm than good, while reaffirming support for Ukraine and NATO as he used his first Labour conference speech as leader to set out a new direction for Britain.
The arrival in South Korea of two North Korean soldiers captured while fighting for Russia has created a rare legal, diplomatic and humanitarian case, raising questions over their status, security and future.
At midnight on 30 September, the last U.S. troops are due to leave Iraq, ending a military presence that began with the 2003 invasion and cost the lives of around 4,500 American service members.
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Crude oil exports from major Middle Eastern producers rebounded in September to their highest level since the U.S.-Israeli war on Iran began in late February, according to data from analytics firm Kpler.
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