Urgent.. Strong rise in oil prices as Brent crude surpasses the $80 level again.

Crude oil prices surged during Monday evening trading, reaching their highest level since late August, after oil recorded the largest weekly gains since January 2023, amid escalating concerns about the situation in the Middle East, which prompted Brent crude to break the $80 per barrel mark.

In this regard, the Middle East remains in a state of turmoil, as Hamas launched a barrage of rockets towards Tel Aviv, while the entity sent troops to northern Gaza over the weekend and continued airstrikes and limited ground maneuvers in Lebanon.

Market concerns have increased regarding how the occupation entity will respond militarily to the Iranian attacks last week and whether those attacks will target oil facilities, enhancing market expectations that global crude oil supplies are now at risk, ultimately leading to a rise in oil prices.

Oil prices also found support from the potential for supply disruptions due to Hurricane Milton in the Gulf of Mexico, as well as the cessation of oil supplies in global energy markets.

As for today's trading, the spot prices for Brent crude contracts jumped by about 3.57% to $80.50 per barrel, while the spot prices for West Texas Intermediate crude contracts rose by approximately 3.32% to about $77.42 per barrel.