Brent and WTI contributed to the beneficial properties within the first quarter

A pump jack works in front of an oil rig at sunset in an oil field in Midland, Texas, USA, August 22, 2018.

Nick Oxford | Reuters

Crude oil futures rose on the first trading day of the second quarter on Monday on reports that the Iranian consulate in Damascus, Syria, was hit by a missile attack.

The West Texas Middle School The contract for May delivery rose $1.28, or 1.54%, to $84.45 a barrel. The Brent The contract for June delivery rose 93 cents, or 1.07%, to $87.93 a barrel.

Syrian and Iranian state media reported on Monday that an Israeli missile attack hit the Iranian consulate in Damascus. A Lebanese security source told Reuters that a senior Iranian Revolutionary Guard commander, Mohammad Reza Zahedi, was among the dead.

“If this news is confirmed, it is a clear escalation of the conflict in the Middle East and is likely to further boost oil prices in the near term,” Leo Mariani, an analyst at Roth MKM, told clients on Monday.

Oil prices, energy news and analysis

Geopolitical risk remains in the market as Ukraine attacks Russian oil refineries and Houthi militant attacks in the Red Sea have led to the rerouting of crude oil shipments around the Cape of Good Hope in southern Africa.

Oil prices also rose in 2024 on expectations of strong global demand as OPEC+ keeps barrels off the market for at least the second quarter.

US crude oil and Brent posted gains for three straight months. WTI is up 17.8% for the year, while Brent is up 14.2%.

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