Oil jumps after Iran, Israel trade attacks

Iran's state broadcaster IRIB cited a military official as denying reports that Iran had launched an attack on Al Kharj Air Base in Saudi Arabia.

"Iran has not fired any shots" at the base, the official said, according to IRIB.

The denial came in response to reports of an explosion at the facility and followed an earlier warning issued by Saudi Civil Defence about a potential danger in Al Kharj Governorate.

Air raid sirens sounded across central Israel, including the Tel Aviv metropolitan area and Jerusalem, following reports of a missile launch from Yemen, according to Channel 12.

The broadcaster said alerts were activated across Gush Dan and other parts of central Israel as air defense systems responded to the threat.

Channel 12 also reported that Israeli airspace was temporarily closed.

The Israeli military said it had detected the launch of a missile from Yemen toward Israeli territory.

In a statement, the Israel Defense Forces (IDF) said aerial defense systems were operating to intercept the threat.

The military urged the public to follow instructions issued by the Home Front Command.

The US Embassy in Jordan issued a security alert on Sunday after reports that missiles, drones or rockets had entered Jordanian airspace.

The embassy urged US citizens to immediately seek shelter and remain in a safe location until further notice.

Jordan has frequently found itself in the path of projectiles and drones during periods of confrontation involving Iran, Israel and allied groups across the region.

OPEC+ agreed on Sunday to raise oil production quotas by 188,000 barrels per day in July, in an attempt to ease pressure the oil markets amid disruption of shipping through the Strait of Hormuz.

Energy ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the increase during a video meeting, according to a statement from the group.

OPEC+ said the move was intended "to support oil market stability" while allowing members to accelerate compensation cuts amid historically elevated oil prices.