traded higher on Monday morning after the Iran-backed Houthis in Yemen attacked Israel over the weekend.
At 9.16 am on Monday, June Brent oil futures were at $107.86, up by 2.41 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $101.68, up by 2.05 per cent.
April crude oil futures were trading at ₹9597 on during the initial hour of trading on Monday against the previous close of ₹9395, up by 2.15 per cent, and May futures were trading at ₹9124 against the previous close of ₹9001, up by 1.37 per cent.
In a televised speech over the weekend, Yahya Saree, military spokesperson of Houthis, said they have attacked Israel using missiles and drones. He said that the military operations would continue in the coming days.
Market players fear that the entry of the Houthis could further impact the movement of crude oil as they have the ability to target shipping activities around the Red Sea.
Meanwhile, claimed on Monday that US military has destroyed several targets in Iran. In a post on the social media platform Truth Social, he said: “Big day in Iran. Many long sought after targets have been taken out and destroyed by our GREAT MILITARY, the finest and most lethal in the World.”
Media reports also said that the US military is preparing for ground operations in Iran. Trump had recently said that the US could seize Iran’s export hub on Kharg Island.