Oil spikes as Israeli prime minister says Iran 'lied big time' on nuclear deal

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April 30, 2018 5:44 PM

Oil prices spiked early Monday morning, trading up more than a dollar from recent lows, as tensions between the Israel and Iran mounted.

Oil prices rose Monday as tensions between archenemies Israel and Iran ratcheted up.
Israeli Prime Minister Benjamin Netanyahu accused Iran of secretly pursuing nuclear weapons.

Oil prices jumped Monday, after Israeli Prime Minister Benjamin Netanyahu accused Iran of secretly pursuing nuclear weapons Monday afternoon.

West Texas Intermediate crude oil was up 1.69% to $ a barrel at 1:30 p.m. ET. Brent, the international benchmark, rose 1.21% to $. Both had been down more than a dollar after a report out Friday showed US drillers added five oil rigs last week, raising the tally to 825, the highest level since March 2015.

The accusations come at a time of escalating tensions between Israel and Iran.

Government outposts were attacked in missile strikes in northern Syria overnight, according to the Associated Press, killing dozens of pro-government fighters in the area — most of them Iranians. The Britain-based Syrian Observatory for Human Rights said Sunday night it suspects that Israeli forces carried out the attacks.

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