Brent Crude Hits 105 Dollars Amid Middle East Conflict
Oil prices rose as the conflict with Iran entered a third week. Brent hit $105.15 while the IEA released 400 million barrels of reserves to curb supply risks.
Global oil markets extended their rally on Monday as the conflict involving the United States, Israel, and Iran entered its third week. The ongoing hostilities have severely impacted energy infrastructure and forced the closure of the Strait of Hormuz, creating the most significant disruption to global supplies on record.
Brent Crude Oil futures rose by $2.01, or 1.95%, to reach $105.15 per barrel. Simultaneously, U.S. West Texas Intermediate crude climbed $1.61, or 1.63%, to settle at $100.32 per barrel. Both benchmarks have surged more than 40% this month, hitting their highest levels since 2022. The price spike follows military actions that led Tehran to block the Strait of Hormuz, a critical maritime chokepoint through which approximately 20% of the world's oil supply passes.
