Ankara: The price of Brent oil experienced a significant surge, rising by over 11% in the past week, in response to the mounting Iran-Israel armed conflict. The price, which was $66.2 on June 9, jumped to $73.7 on Monday as of 0700GMT, marking an 11.3% increase.

According to Anadolu Agency, the ongoing tensions between Israel and Iran are raising alarms over the security of oil supplies in the Middle East. There are growing concerns about potential disruptions to regional supplies, particularly in the Strait of Hormuz, a vital corridor for global energy trade.

In parallel, the price of Texas crude oil also saw an increase, rising by 12% over the same period to reach $71.6. The recent escalation in tensions followed Israeli military strikes on Friday targeting Iranian nuclear and missile facilities. These attacks resulted in the deaths of military commanders and scientists, leading to Iranian retaliation with ballistic missiles, which caused Israeli casualties and property damage.