Crude oil prices spike above $115 amid escalating Iran war

Oil prices spiked near $120 per barrel before falling back slightly on Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets, The Associated Press reports.

The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel but later was trading at $112.98.

West Texas Intermediate, the light, sweet crude oil produced in the United States, spiked at $119.48 per barrel but fell back to $110.17.

Aluminum soared to its highest in four years as ⁠supply concerns ​due to the Middle East war intensified. Benchmark three-month aluminum on the London ​Metal Exchange hit its highest since March 2022 at $3,544 per ton, according to Reuters.