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.
Israel has stepped up what it calls extensive attacks on Iranian infrastructure, despite a Pakistan‑backed ceasefire proposal. Iran says it will ...
Iran said on Monday it wanted a lasting end to the war with the U.S. and Israel, and pushed back against p...
U.S. Vice President JD Vance has travelled to Hungary in a show of support for Prime Minister Viktor Orbán, as the...
U.S. President Donald Trump warned Iran it could face devastating strikes within hours unless it agrees to a ceasefire by Tuesday night, escalating...
U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that nig...
Israel has stepped up what it calls extensive attacks on Iranian infrastructure, despite a Pakistan‑backed ceasefire proposal. Iran says it will not bow to threats or deadlines, as President Donald Trump’s Tuesday deadline ends today, warning no targets will be off limits without a Hormuz deal.
Iran said on Monday it wanted a lasting end to the war with the U.S. and Israel, and pushed back against pressure to reopen the Strait of Hormuz, while U.S. President Donald Trump warned the country could be "taken out" if it did not meet his Tuesday night deadline to reach a deal.
U.S. Vice President JD Vance has travelled to Hungary in a show of support for Prime Minister Viktor Orbán, as the country prepares for what is expected to be a tightly fought parliamentary election.
U.S. President Donald Trump warned Iran it could face devastating strikes within hours unless it agrees to a ceasefire by Tuesday night, escalating tensions with Tehran.
U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow night," warning Tehran it had to make a deal by Tuesday night or face wider bombing raids.
The crew of Artemis II mission are entering a pivotal phase of their journey, as they prepare to swing around the Moon and head back towards Earth. Now on the fifth day of their 10-day mission, the four astronauts are already witnessing views no human has ever seen.
U.S. President Donald Trump threatened Iran's energy and transport infrastructure in a social media post containing expletives on Sunday (5 April), as he seperately gave Iran a deadline of Tuesday to reopen the Strait of Hormuz.
A new proposal to end hostilities between the United States and Iran could come into effect as soon as Monday, potentially reopening the vital Strait of Hormuz, a source familiar with the plan said on Monday.
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.
Iran said on Monday it wanted a lasting end to the war with the U.S. and Israel, and pushed back against pressure to reopen the Strait of Hormuz, while U.S. President Donald Trump warned the country could be "taken out" if it did not meet his Tuesday night deadline to reach a deal.
Israel has stepped up what it calls extensive attacks on Iranian infrastructure, despite a Pakistan‑backed ceasefire proposal. Iran says it will not bow to threats or deadlines, as President Donald Trump’s Tuesday deadline ends today, warning no targets will be off limits without a Hormuz deal.
U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow night," warning Tehran it had to make a deal by Tuesday night or face wider bombing raids.
U.S. President Donald Trump warned Iran it could face devastating strikes within hours unless it agrees to a ceasefire by Tuesday night, escalating tensions with Tehran.
Iran has rejected a U.S.-backed ceasefire proposal, insisting any agreement must deliver a permanent end to the war, according to state media on Monday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment