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Oil prices climbed sharply on Monday as geopolitical tensions between the United States and Iran intensified, raising fresh concerns about global energy supply. Brent crude futures, the global oil benchmark, rose 4.9% to $94.77 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 5.8% to $87.33 per barrel. The spike followed reports that the U.S. had seized an Iranian cargo ship, further escalating the ongoing conflict.
According to U.S. President Donald Trump, American forces fired on an Iranian-flagged vessel that attempted to bypass a naval blockade before capturing it. Iran strongly condemned the action and warned of retaliation, signaling a potential escalation in the already fragile situation. The development comes amid renewed instability in the Strait of Hormuz, a critical oil transit chokepoint through which nearly 20% of the world’s oil supply passes.
Tehran reportedly reopened the strait over the weekend, only to close it again hours later, triggering volatility in oil markets. Prices had previously dropped over 9% on Friday after both U.S. and Iranian officials hinted at easing tensions. However, reports of Iranian forces firing on vessels attempting to pass through the strait have renewed fears of prolonged disruption to oil flows.
The ongoing U.S.-Israel conflict with Iran has now entered its eighth week, with little indication of immediate de-escalation. Analysts suggest that continued uncertainty surrounding the Strait of Hormuz will likely support oil prices in the near term. Market experts also warn that expectations of a quick resolution may have been overly optimistic, with both sides appearing willing to sustain pressure.
Diplomatic efforts remain uncertain as a two-week ceasefire nears its expiration. While U.S. officials plan to pursue further talks in Pakistan, Iranian state media reports that Tehran has rejected negotiations as long as the U.S. naval blockade remains in place. With peace talks stalled and tensions rising, global oil markets are expected to remain volatile in the coming days.
