Oil Prices Rise After Fresh U.S.-Iran Airstrikes

Brent crude rose 1.9 percent in early trading Monday after reports of new airstrikes between the United States and Iran. U.S. stock-index futures also moved higher, with S&P 500 contracts gaining 0.3 percent.

Oil prices climbed as traders assessed the impact of the latest exchanges. Brent crude opened at the higher level while other benchmarks followed the upward move. Stock futures reflected a more measured response. Equity markets opened with modest gains amid the geopolitical developments.

Background The latest round of strikes follows earlier reported clashes between the two sides. Officials on each side have described the actions as defensive responses to prior attacks. Trading desks noted that energy markets have shown sensitivity to any escalation in the region.

Volume in oil contracts increased during the first hour of trading. No immediate statements from either government were included in the market reports reviewed for this article.