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.
U.S. President Donald Trump has called it “a disgrace” that Ukraine has resumed attacks on Russian oil refineries. Attacks are continui...
The U.S. has banned government employees working in Saudi Arabia from using airports in the country without special authorisation. It com...
Iran says it is progressing with the reconstruction of civilian areas, including residential and industrial units, that were bombed in Israeli-U.S....
The Saudi-led coalition said early Thursday that it intercepted and destroyed a drone over Saudi Arabia’s Eastern Province.
Yemen’s Houthis have claimed responsibility for the recent drone and missile strikes on Saudi Aramco facilities in Dhahran and Riyadh and at King Khalid International Airport in Saudi Arabia, vowing to carry out more attacks in the coming days.
Ukraine's soldiers have had their access to Starlink satellite internet restricted. Kyiv's troops use the terminals, made by Elon Musk's SpaceX, to pilot drones. A source in Ukraine's Defence Ministry said the restrictions would make it harder for Kyiv's army to down Russian drones.
The U.S. has banned government employees working in Saudi Arabia from using airports in the country without special authorisation. It comes after a deadly Houthi strike on Riyadh's King Khalid International Airport killed at least 13 people last week.
Ukraine is set to restart attacks on Russian oil refineries following a two-day pause, President Volodymyr Zelenskyy said, amid growing tensions with Washington over energy strikes and U.S. military support.
The leader of Yemen's Saudi-backed government announced the beginning of a major military operation against the Iran-backed Houthis on Sunday, aimed at seizing the territory under their control.
Iran says the Strait of Hormuz will remain closed until the United States meets seven conditions agreed under a June memorandum, as President Donald Trump signals he may soon decide whether to resume military operations against Tehran.
Governments from the Persian Gulf to the Horn of Africa are hedging against a conflict they cannot control, with contingency plans beginning to reshape trade routes, alliances and the regional map.
A supertanker which was cruising through the Strait of Hormuz was targetted by an unknown projectile off the coast of Oman, according to an Iranian news agency which said the vessel was “violating” navigation rules at the Strait of Hormuz on 1 October.
Iranian President Masoud Pezeshkian has accused the U.S. and Israel of seeking to foment internal divisions in Iran after failing to defeat the country militarily, Iran's state news agency IRNA reported.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment