Gas prices surge, oil stabilizes as Israel-Iran conflict hits energy infrastructure
Israel hit several energy facilities in Iran over the weekend while Iranian missiles struck an oil refinery in Haifa.
Gas prices climbed by more than 3% on Monday while oil prices stabilized after soaring in previous days, following a volatile weekend marked by war between Israel and Iran that heightened tensions in the energy-rich Middle East.
What happened: Israel launched an air offensive against Iran early on Friday, killing commanders and scientists and bombing nuclear sites. Israel said the operation was carried out to stop Iran from developing an atomic weapon. Iran responded by firing hundreds of missiles at Israel, and the two countries have since been striking each other's civilian infrastructure. At least 224 people have been killed in Iran so far, the country's Health Ministry said Monday. The Israeli Health Ministry says 24 people have been killed since hostilities began.
At 7:00 a.m EST Monday, US natural gas futures were up more than 3% compared to Sunday’s close, to around $3.70 per British thermal unit as tensions simmered between the Middle East’s two biggest foes.
Oil prices surged 9% on Friday but showed signs of stabilizing by Monday morning, dipping only 0.014% to $70.21.
