Nearly 3% increase in U.S. crude oil, trading above $76, as market anticipates Israel's strike against Iran.

On Monday, the price of U.S. crude oil increased by almost 3%, with the market anticipating a possible attack by Israel on Iran.

Last week, oil prices increased due to concerns that Israel might retaliate against Iran's oil industry following Tehran's ballistic missile attack.

Last week, the U.S benchmark West Texas Intermediate experienced a 9.09% increase, marking its largest weekly gain since March 2023. Similarly, the global benchmark Brent saw an 8.43% rise, which represents its biggest weekly advance since January 2023.

Here are Monday's energy prices:

• The price of November contract increased by $2.06, or 2.77%, to $76.44 per barrel.
• The December contract price per barrel is $79.91, which is equivalent to $1.86 or 2.38%.

On Friday, President Biden advised Israel against attacking Iranian oil facilities, following a 5% increase in oil prices the previous day after the president hinted at the possibility of a U.S. strike.