Brent Crude Oil Price Today:Â Global oil prices rallied sharply on Monday as escalating military tensions between the United States and Iran triggered fresh concerns over energy supplies from the Middle East. Brent crude futures jumped $2.69, or 4%, to $90.79 per barrel, marking their highest level since June 11. The benchmark also extended last week’s strong rally, gaining nearly 15.9%, its biggest weekly rise since April.
US benchmark West Texas Intermediate (WTI) crude also moved higher, climbing $2.19, or 2.65%, to $84.68 per barrel, its highest level since June 12. WTI posted a 15.5% weekly gain last week, its strongest performance since early March.
Why are Crude Oil Prices Rising Today?
The latest rally follows Iran’s declaration that its ceasefire understanding with the United States has effectively collapsed, sparking fears of prolonged conflict and potential disruptions to oil exports through the Strait of Hormuz, one of the world’s most critical energy shipping routes. Traders remain concerned that any disruption in the narrow waterway could significantly impact global crude supplies and push energy prices even higher.
Brent Crude Oil Price Today
Brent crude futures surged to $90.79 per barrel, gaining $2.69 (4%) during Monday’s session as escalating US-Iran military tensions raised fears of supply disruptions through the Strait of Hormuz. The global benchmark also extended last week’s strong rally of 15.9%, marking its biggest weekly gain since April as traders priced in rising geopolitical risks across the Middle East.
WTI Crude Oil Price Today
US West Texas Intermediate (WTI) crude climbed $2.19, or 2.65%, to $84.68 per barrel, reaching its highest level since June 12. WTI also recorded a 15.5% gain last week, its strongest weekly performance since early March, supported by growing concerns that prolonged conflict in the Middle East could tighten global crude supplies and disrupt key energy shipping routes.
US-Iran Military Escalation Fuels Supply Concerns
According to US Central Command (CENTCOM), American forces carried out their ninth consecutive night of airstrikes targeting sites in Iran, claiming the operations were aimed at weakening military capabilities allegedly used against commercial shipping and civilian vessels. Meanwhile, Kuwait confirmed it intercepted Iranian drone attacks, highlighting the widening regional conflict and increasing uncertainty in energy markets.
Strait of Hormuz Sees Rising Maritime Risks
Maritime security concerns intensified after Iran’s Navy reportedly stopped four unidentified vessels attempting to transit the Strait of Hormuz through what it described as an unsafe route. According to Bloomberg, two vessels were disabled after accidents while the remaining ships turned back.
Separately, the UK Maritime Trade Operations (UKMTO) reported that a vessel caught fire northwest of Kumzar, Oman, though authorities have not yet confirmed the cause of the incident. These developments have further heightened concerns over the safety of commercial shipping in the strategic waterway.
Regional Conflict Expands Beyond Military Targets
The conflict has increasingly spread beyond military installations to include infrastructure such as ports, utilities and transport facilities. Kuwait Petroleum Corp. said an Iranian strike over the weekend caused significant damage to one of its oil facilities, raising fears of disruptions to regional production and exports.
Meanwhile, Bahrain and Kuwait were among the countries affected by Iran’s retaliatory attacks. Israel also reported intercepting an Iranian drone near its border with Syria, while Iranian media claimed US forces launched strikes on Qeshm Island and other locations in southern Iran.
Houthi Threats Add Pressure on Global Oil Markets
Adding to market anxiety, Iran-backed Houthi militants in Yemen have renewed threats against Saudi Arabian oil infrastructure after launching ballistic missiles and drones toward the kingdom. The group’s continued disruption of commercial shipping in the Red Sea has reinforced concerns about the security of global energy supply chains.
JPMorgan Warns of Limited Global Oil Buffers
Analysts believe the current market remains particularly vulnerable to supply shocks. According to JPMorgan Chase & Co., crude inventories outside China are at historically low levels, leaving the global oil market with limited capacity to absorb major supply disruptions if the Middle East conflict intensifies further.
Brent Crude & WTI Price Today
With military tensions continuing to escalate and risks surrounding the Strait of Hormuz increasing, oil markets are expected to remain highly volatile in the coming days. Investors will closely monitor developments in the Middle East, shipping activity through the strategic waterway, and any diplomatic efforts that could ease geopolitical tensions. Until then, Brent crude and WTI prices are likely to remain supported by persistent supply concerns.
Disclaimer: Oil prices and geopolitical developments are subject to change. This article is based on the latest available information from agencies and official sources at the time of publication.
