Brent Oil Surges to $80 as War Risk Keeps Investors on Edge
- President Joe Biden has discouraged attacks on Iranian fields
- Hurricane Milton adds threat to Gulf of Mexico supplies
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Brent crude soared above $80 a barrel — its highest price since August — as mounting tensions in the Middle East raised speculation that Israel may attack Iran’s oil infrastructure.
The global benchmark’s 3.7% rally on Monday extends a surge from last week, which was driven by speculation about how Israel may respond to Iran’s missile attack on Tuesday. US President Joe Biden said Friday that he didn’t know when an Israeli response would come, and “I’d be thinking about other alternatives than striking oil fields.”