ProShares Ultra Bloomberg Crude Oil (UCO)

Brent crude was up 1% at $66.88 per barrel at 9.30 GMT while U.S. West Texas Intermediate crude advanced 1.4% at $65.24 per barrel.

West Texas Intermediate crude oil futures traded 5.4% lower at $64.81 per barrel at the time of writing, while Brent crude oil futures fell 5.5% to $66.64 per barrel.

Brent crude prices were down 2.5% at $68.79 per barrel, while U.S. West Texas Intermediate crude prices were down 2.5% at $66.78 per barrel at 2.27 am GMT.

U.S. West Texas Intermediate (WTI) futures traded 6% lower at $69.41 per barrel at the time of writing, while Brent futures fell 5.6% to $71.25 per barrel.

U.S. President Donald Trump stated that he’s “watching” and urged everyone to “keep oil prices down” in a Truth Social post Monday morning.

Iran’s Defence Minister, Amir Hatami, said the U.S. would soon receive a “decisive response,” stating that “this time would be no different.”

Earlier, a Reuters report stated that while Iran is open to discussing limitations on uranium enrichment, it won’t do so while it’s under fire from Israel.

Brent crude futures slipped 2.9% to $76.59 per barrel, while the U.S. West Texas Intermediate crude fell 0.6% to $73.42 per barrel at 2.40 am ET.

Oil ETFs surge as tensions rise between Israel and Iran. Crude prices spike on fears of U.S. involvement, Strait of Hormuz disruption, and geopolitical risks.

Khamenei’s retort comes after President Donald Trump on Tuesday warned that his patience was wearing thin.

The decision follows a trip by senior administration members to Alaska earlier this month.

While crude oil transport has not been affected directly, concerns remain that Iran could move to block the Strait of Hormuz, a crucial passage for oil tankers.

Brent crude futures gained 0.4% at $76.78 per barrel, while U.S. West Texas Intermediate crude prices rose 0.4% at $73.57 per barrel at 11:54 pm ET.

Brent crude futures rose 1.4% to $74.24 per barrel while U.S. West Texas Intermediate crude futures gained 1.2% to $71.06 per barrel, as of 5.03 am ET.

With tensions continuing to flare in the Middle East, the global energy supply is on tenterhooks, with Israel hitting Iran where it stands to hurt the most.

President Donald Trump cut short his Group of Seven summit attendance in Canada's Kananaskis, citing escalating Iran-Israel hostilities.

According to the data published by OPEC, the cartel increased its production output by 154,000 barrels a day, despite announcing plans to improve it by 411,000 barrels during the month.

Bob Elliott suggests the U.S. economy's susceptibility to oil price shocks has significantly diminished compared to previous decades.

The attacks have raised concerns about the oil flow at the Strait of Hormuz, a pivotal passage for oil tankers.

Goldman Sachs analysts said in a recent note that the conflict could result in Iran’s 1.75 million barrels per day supply being taken out of the market.

Israel could be looking to arrive at a settlement with the Iranian government, similar to the one it announced with Hezbollah.

Prime Minister Benjamin Netanyahu said the operation would continue for several days.

U.S. West Texas Intermediate (WTI) futures traded 0.9% lower at $67.55 per barrel at the time of writing, after recovering from the day’s lows.

Crude oil prices and the ETFs that track the commodity are surging higher amid escalating tensions in the Middle East, sending prices to a two-month high.

Israel has reportedly told the U.S. that it is prepared to attack Iran if negotiations collapse.