Oil prices continued to soar on Sunday, adding to the 7% surge from last week, as conflict between Israel and Iran deepens and threatens global oil supply.
US oil last surged 1.2% to $73.85 per barrel Brent, the global benchmark, gained 1%, at $75 per barrel. They had been even higher a few hours earlier.
On Monday morning local time, explosions were seen in the coastal Israeli city of Haifa, damaging buildings and setting infrastructure on fire after Israel said Iran launched a new round of missiles.
The missiles were seen hitting the area around an oil refinery in Haifa, video from the strikes showed.
The conflict has stoked fears about oil export disruption from the region. Analysts have also raised concerns of a broadening conflict that could impact the flow of oil from the Strait of Hormuz, the most critical chokepoint for oil supplies on the planet.
