Crude oil prices surged sharply on Monday as investors reacted to the latest escalation in the US-Iran conflict and growing concerns over potential disruptions to global energy supplies.
Brent crude futures climbed nearly 4% to cross $91 per barrel during early trading after the United States carried out its ninth consecutive military strike against Iranian targets.
The US Central Command (CENTCOM) confirmed that it completed another round of strikes against Iran on July 19.
According to market data, Brent crude rose to $91.41 per barrel on Monday compared with the previous close of $88.10 per barrel.
Later in the session, prices remained elevated, trading around $90.40 per barrel.
The increase in crude prices was driven by fears that the conflict could affect key oil supply routes, particularly the Strait of Hormuz, one of the world’s most important energy shipping corridors.
Any disruption to traffic through the strategic waterway could impact global oil availability and push prices higher.
Market participants are closely monitoring developments between Washington and Tehran, with oil prices increasingly reacting to geopolitical events rather than traditional demand and supply factors.
Analysts warned that if tensions continue without a permanent peace agreement, the conflict could further weaken market sentiment and increase volatility across global financial markets.
Brent crude has gained significantly in recent weeks, rising around 8.5% over the past five trading sessions and about 13% in the last month amid renewed military exchanges between the two countries.
While prices have remained largely stable over a three-month period, crude has climbed nearly 40% over the past six months.
US benchmark West Texas Intermediate (WTI) crude also moved higher, gaining around 2.3% to $83.73 per barrel.
Investors are expected to closely track further developments in the West Asia conflict, particularly any action affecting oil production or shipping through the Strait of Hormuz, as prolonged uncertainty could keep energy prices elevated.
