Brent crude oil started trading in Asia early Monday and rose as much as 1.5%, triggered by a drone strike that killed three U.S. service members in Jordan. The attack, carried out by Iran-backed Houthi terrorists, is expected to escalate pressure on President Biden to directly confront Iran.

The violent strike also left at least 25 service members wounded. This incident marked the first American deaths resulting from enemy fire since the commencement of the Israel-Hamas war.

Front-month March Brent crude (CO1:COM) recently traded up approximately 1% to $84.38 per barrel after reaching as high as $84.80 per barrel. Simultaneously, U.S. WTI crude (CL1:COM) ascended to as high as $79.10 per barrel on Nymex.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI)

Late last week, a Houthi missile struck an oil tanker carrying a cargo of Russian fuel in the Red Sea, capping off a week that saw U.S. crude oil reaching its highest level since mid-November.

“While global oil prices have yet to fully reflect the escalating tensions in the Red Sea, the events of the weekend are likely to catalyze a rebasing of expected outcomes for both the security of supply as well as for oil prices,” RBC Capital analyst Michael Tran responded.