News Desk : Oil prices soared in early trading on Monday due to fears of energy market disruptions following US airstrikes on Iran’s nuclear facilities.

At the opening of trading, Brent crude and the US benchmark WTI surged over four percent, reaching their highest levels since January, according to AFP.

However, gains later moderated, and by approximately 00:30 GMT, Brent was trading at $79.20 per barrel, up 2.2 percent, while WTI rose 2.1 percent to $75.98 per barrel.

MUFG economists, as reported by AFP, noted that the "high uncertainty surrounding the outcomes and duration of this conflict" could lead to an oil price increase of up to $10 per barrel.

Iran, the world’s ninth-largest oil producer, generates about 3.3 million barrels per day, exporting nearly half while retaining the rest for domestic use.