Global oil prices surged during Monday morning trading in Asia amid rising tensions between the United States and Iran over the Strait of Hormuz waterway.
Sharp Gains in Key Benchmarks
Brent crude futures climbed 6.4% to $96.13 (£71.27), while West Texas Intermediate rose 7.5% to $90.15. Prices had plunged on Friday after Iranian officials announced the strait remains “completely open” to commercial ships during the ongoing ceasefire period between the US and Iran.
Volatile Markets Since Recent Conflict
Energy markets experienced significant fluctuations following the US and Israeli strikes on Iran on February 28. Tehran responded with threats to disrupt shipping in the Strait of Hormuz, a critical chokepoint for about 20% of the world’s oil and liquefied natural gas.
Latest Developments Fuel Uncertainty
On Sunday, President Donald Trump announced that US forces intercepted and seized an Iranian-flagged cargo ship attempting to bypass the blockade of Iran’s ports. Earlier, Trump stated his representatives would travel to Pakistan on Monday for negotiations. A White House official confirmed Vice President JD Vance will lead the US delegation.
Iranian state media reported that Tehran has “no plans for now to participate” in the talks, though officials continue to clarify the nation’s stance.
