Oil prices surged on Monday amid growing concerns over supply disruptions in the Middle East as tensions escalate due to the ongoing US-Israeli war with Iran.
Brent crude futures increased by $1.71, or 1.6%, reaching $110.74 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $0.71, or 0.6%, to trade at $112.25 per barrel.
In the trading session before the Good Friday break, WTI jumped over 11% and Brent gained nearly 8%, marking their largest price increases since 2020. The surge followed remarks by Donald Trump, who vowed to continue attacks on Iran.
The Strait of Hormuz—a critical route for oil exports from Iraq, Saudi Arabia, Qatar, Kuwait, and the United Arab Emirates—remains largely disrupted due to Iranian attacks on shipping since the conflict began on February 28.
Amid these supply concerns, global refiners are turning to alternative crude sources, particularly from the U.S. Gulf Coast and the UK North Sea. Analysts note that buyers are aggressively bidding for available supplies, further driving up prices, with Brent crude rallying at a faster pace.
Earlier, in a post on Truth Social, Trump warned Iran to open the Strait of Hormuz.
The Strait lies between Oman and Iran and links the Gulf to the north with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction.
About a fifth of the world’s total oil consumption passes through the Strait.
More than 20 million barrels of crude, condensate, and fuels passed through the strait daily last year on average.
With its closing after the US-Israel attacks on Iran, most of the world is suffering because of the rapid increase in petrol prices.
Latest on the attacks in Iran
The Israeli military has issued a statement on its attacks in Iran over the past day.
“The Air Force struck more than 120 targets of the Iranian terror regime in central and western Iran,” it said in a statement on X.
At least 2,076 people have been killed by US-Israeli attacks on Iran since February 28, Iran’s Health Ministry says.
Over 26,500 people have been injured, including at least 4,000 women and 1,621 children.
