Oil prices rose sharply on Monday as fears deepened over potential supply shortages caused by the ongoing conflict in the Middle East, unsettling global energy markets and the row over the Strait of Hormuz, raising concerns for consumers and businesses alike.
Brent crude rose $1.71, or 1.6%, to $110.74 a barrel, while U.S. West Texas Intermediate (WTI) added $0.71, or 0.6%, to $112.25 per barrel.
Last Thursday, ahead of the Good Friday holiday, WTI jumped more than 11% and Brent nearly 8% - their largest one-day rises since 2020 - after U.S. President Donald Trump warned of further action against Iran.
The main concern is the Strait of Hormuz, a key passage for oil from Saudi Arabia, Iraq, Qatar, Kuwait and the United Arab Emirates. Iranian attacks on shipping have largely blocked the route since 28 February, forcing refiners in the U.S. and North Sea to seek alternative sources.
“Global buyers are bidding aggressively for U.S. Gulf Coast barrels, and Brent is rallying even faster,” said consultancy The Schork Group.
Over the weekend, President Trump issued a warning on social media, threatening to target Iran’s power plants and bridges if the Strait of Hormuz is not reopened.
Some ships from Oman, France and Japan have passed through the strait, reflecting Iran’s policy of allowing vessels from friendly nations.
Efforts to negotiate a ceasefire appear stalled. Iran has declined talks with U.S. officials in Islamabad, and mediation attempts have so far failed. Meanwhile, OPEC+ announced a modest production increase of 206,000 barrels per day in May. But some key producers said they cannot raise output because of the conflict.
Russian supply has also been disrupted by Ukrainian drone attacks on the Baltic port of Ust-Luga, though shipments resumed over the weekend.
With tensions showing no sign of easing, oil markets are expected to remain volatile, keeping prices high for consumers and businesses worldwide.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 14th of April, covering the latest developments you need to know.
Authorities in China have launched an investigation into a wave of online bullying targeting Olympic diving champion Quan Hongchan, as concerns grow over the impact of toxic fan behaviour on young public figures.
Iran's ports were blocked by the U.S. military on Monday (13 April), President Donald Trump confirmed. Tehran has threatened to retaliate against its Gulf neighbours' ports and a U.S. official said there was continued engagement with Iran, and forward motion on trying to get to an agreement.
Israel has reprimanded Spain’s most senior diplomat in Tel Aviv after a giant effigy of Prime Minister Benjamin Netanyahu was blown up in a Spanish town.
U.S. President Donald Trump warned that any Iranian ships approaching ports in the Strait of Hormuz would be "immediately eliminated" on Monday, as the U.S. started its blockade.
Nine suspects were arrested on Saturday (11 April) in connection with a terror attack targeting a police post in Istanbul’s Beşiktaş district.
Millions of Orthodox Christians across the globe celebrated Easter, known as Holy Pascha, on Sunday (12 April) with midnight liturgies, candlelight processions and deeply rooted local traditions reflecting centuries of faith.
Afghanistan’s Foreign Ministry said on Sunday that talks with Pakistan had been positive, while Türkiye stressed the importance of stronger ties between Kabul and Islamabad.
The U.S. military began a blockade of Iran's ports on Monday, President Donald Trump said, and Tehran threatened to retaliate against its Gulf neighbours' ports after talks in Islamabad on ending the war broke down at the weekend.
UK Prime Minister Keir Starmer has refused to join a U.S.-led blockade of the Strait of Hormuz, distancing Britain from military escalation after failed U.S.-Iran talks at the weekend, warning involvement could worsen regional tensions.
Israeli and Lebanese ambassadors to the United States will meet later in Washington to discuss a ceasefire, with U.S. Secretary of State Marco Rubio attending.
Iran's ports were blocked by the U.S. military on Monday (13 April), President Donald Trump confirmed. Tehran has threatened to retaliate against its Gulf neighbours' ports and a U.S. official said there was continued engagement with Iran, and forward motion on trying to get to an agreement.
Tensions in the Gulf have sharpened dramatically after reports that the United States has begun a blockade of Iranian ports, a move already rippling through global markets and political circles.
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