Oil prices surge amid Middle East tensions and Iran Strait closure

Brent and WTI rise sharply with Strait of Hormuz blockade fueling volatility.

Annahar

Oil prices surge amid Middle East tensions and Iran Strait closure

Drivers fill their cars’ fuel tanks (AFP)

Crude oil prices rose in early Monday trading, with West Texas Intermediate increasing by 1.86% to reach $113.62 per barrel, amid the ongoing war in the Middle East and its impact on global energy supplies.

Similarly, Brent crude rose by 1.16% at the start of this week’s trading, reaching $110.30 per barrel.

U.S. President Donald Trump renewed his threat to Iran on Sunday, vowing to bomb its bridges and power plants on Tuesday unless it reopens the Strait of Hormuz.

Trump wrote on his platform “Truth Social”: “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!”

Later, the U.S. president appeared to extend the deadline given to Iran, posting a brief message saying: “Tuesday, 8:00 PM Eastern Time!”, after also expressing his belief in a conversation with a Fox News reporter that there is a “good chance” of reaching an agreement with Iran on Monday.

The war, now in its sixth week since the United States and Israel launched their initial strikes on Iran on February 28, has plunged the Middle East into conflict and upended the global economy.

Iran closed the Strait of Hormuz, through which about 20% of the world’s oil and gas pass, leading to a sharp increase in energy prices.

Oil prices surge amid Middle East tensions and Iran Strait closure

Oil prices surge amid Middle East tensions and Iran Strait closure

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