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Commodities

Trump’s Airstrikes on Iran Leave Oil Market Braced for Surge

President Donald Trump walks on the South Lawn of the White House after arriving on Marine One in Washington, DC, on June 21.

Photographer: Ron Sachs/CNP

Takeaways by Bloomberg AI

Oil traders are preparing for an oil-price surge when trading reopens, with the focus on whether Tehran’s retaliation to US airstrikes will lead to a disruption in crude flows that have been largely unaffected so far.

After a wild week, Brent futures have jumped 11% since Israel attacked its nemesis, but with sharp moves up and down from one day to the next. The rally is expected to restart on Monday, after the US assault dramatically raised the stakes in a region that accounts for a third of global oil output.