Tehran: Oil prices rose again, with Brent crude hitting $106 a barrel early Monday before retreating slightly to over $104 as an escalation in Middle East tensions persists. The price increase in the global crude benchmark came after oil futures resumed trading around 2200GMT on Sunday.

According to Anadolu Agency, the rise in oil prices follows US President Donald Trump's announcement that US strikes targeted Kharg Island, Iran's main oil export terminal in the Persian Gulf, without damaging oil infrastructure. Trump noted that while he chose not to destroy the facilities, he would reconsider his decision if Iran or any other entity disrupts the free and safe passage of ships through the Strait of Hormuz.

Hostilities have been escalating since Israel and the US launched joint attacks on Iran on February 28, resulting in the death of approximately 1,300 people, including the then-Supreme Leader Ayatollah Ali Khamenei. In retaliation, Iran has conducted drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets.