The price of a barrel of U.S. West Texas Intermediate crude increased by 8 percent to $72 on Sunday evening local time.
However, the price increase is even steeper for Brent crude, which rose 13 percent to $80 per barrel in early Monday trading on Asian exchanges, Bloomberg reports.
The unrest, which began with Saturday's attack on Iran, is affecting some of the world's largest oil-producing countries, and gas and oil supplies from the region have already been disrupted.
On Sunday, OPEC-plus countries - led by Saudi Arabia and Russia - announced they will increase oil production.
Oil prices are rising from an already record high. On Friday, world prices were the highest since July 2025.
