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Oil prices surged on Monday as tensions between the United States and Iran fueled concerns over prolonged disruption to the Strait of Hormuz, a critical route for global energy supplies.
Brent crude futures for November delivery climbed 2.8% to $107.27 per barrel as of 02:43 ET (06:43 GMT), while West Texas Intermediate (WTI) crude futures gained nearly 2% to $94.13. Including Monday’s advance, Brent was up about 18% for the month.
The rally followed Iran’s decision to maintain its conditions for reopening the Strait of Hormuz after U.S. President Donald Trump rejected Tehran’s proposal.
Under Iran’s plan, the waterway could reopen within seven days while broader negotiations resume. Tehran is demanding that Washington lift its naval blockade, reduce military pressure, remove sanctions targeting Iranian oil exports and agree to a ceasefire.
Despite rejecting the proposal, Trump expects U.S.-Iran negotiations to resume this week, Axios reported. Qatar has been acting as an intermediary as efforts continue to bring the two sides back to talks.
Uncertainty surrounding the Strait of Hormuz remains a major driver for crude oil prices. Before the conflict, roughly one-fifth of global oil and liquefied natural gas supplies passed through the strategic waterway, but shipping activity has fallen sharply.
Regional tensions are adding to supply risks. Iran-backed Houthi forces in Yemen have increased attacks targeting Saudi Arabia and commercial vessels in the Red Sea. Saudi Arabia said Saturday that it intercepted two ballistic missiles and two drones, following earlier interceptions of six missiles aimed toward Taif and the Yanbu area.
The disruption has pushed Gulf oil producers to explore alternative export routes. However, some crude continues to move through Hormuz. Trump said more than 20 million barrels crossed the strait over the weekend, according to Axios.
Traders are also closely monitoring refined fuel markets. Diesel prices in Europe and the United States have reached record highs as disruptions to Middle Eastern and Russian oil and fuel exports tighten global supplies.
