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Oil prices climbed sharply in early Asian trading on Monday as escalating military exchanges between the United States and Iran intensified concerns over potential disruptions to global crude supplies, particularly through the strategically vital Strait of Hormuz.
Brent crude futures surged 3% to $90.75 per barrel, reaching their highest level in more than five weeks as of 19:51 ET (23:51 GMT). Meanwhile, U.S. West Texas Intermediate (WTI) crude futures advanced 2.5% to $83.85 per barrel, reflecting growing geopolitical risk in the energy market.
The rally followed a fresh round of military strikes over the weekend. U.S. Central Command (CENTCOM) confirmed it carried out additional attacks on Iran on Sunday after Iranian forces launched an assault on a U.S. military base in Jordan, killing at least two American troops and injuring several others.
According to CENTCOM, the latest U.S. strikes targeted Iranian military assets believed to be involved in attacks on commercial shipping in the Strait of Hormuz. Iran also expanded its military operations across neighboring Gulf countries, further heightening fears of a broader regional conflict.
The renewed hostilities mark the most serious confrontation between Washington and Tehran since the collapse of their April ceasefire. Diplomatic efforts appear to have stalled completely, increasing uncertainty over the outlook for stability in the Middle East.
The Strait of Hormuz, a critical shipping route that carries a significant share of the world's oil exports, remains heavily disrupted. Shipping traffic has fallen well below pre-conflict levels, fueling concerns that prolonged disruptions could tighten global oil supplies.
As a result, traders continue to add a geopolitical risk premium to crude prices, with markets closely monitoring military developments and the potential impact on energy exports from the Gulf region. Any further escalation in the U.S.-Iran conflict or prolonged restrictions on shipping through the Strait of Hormuz could keep oil prices elevated and add fresh volatility to global energy markets.
