Global oil prices surged by about three percent on Monday, with Brent crude rising above $90 per barrel as escalating military tensions between the United States and Iran continued to disrupt energy shipments through the Strait of Hormuz.
The latest increase follows several days of intensified hostilities in the Middle East, raising concerns over global oil supply and pushing energy prices higher.
Shipping activity through the Strait of Hormuz has reportedly declined sharply, with only a handful of vessels passing through the strategic waterway compared to normal traffic levels before the conflict escalated.
Iran has warned that the passage will remain unsafe while military confrontations with the United States continue, heightening fears of prolonged disruptions to global oil and gas exports.
Although Brent crude reached its highest level in more than a month, prices eased slightly after Iranian officials signalled that negotiations with the United States could still be considered if they align with the country’s national interests.
The oil market also came under additional pressure after exports from the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast were suspended following drone attacks involving two tankers. The terminal serves as a key export route for Kazakhstan’s crude oil.
Energy market data showed that Brent crude has gained more than $10 per barrel in recent trading sessions as investors reacted to growing geopolitical uncertainty and reduced expectations of a diplomatic breakthrough between Washington and Tehran.
The Strait of Hormuz remains one of the world’s most important energy corridors, handling around 20 percent of global oil consumption and a significant share of liquefied natural gas exports. Any prolonged disruption is expected to have a major impact on international energy markets.
Concerns over maritime security also increased after an oil products tanker anchored near Oman’s Musandam Peninsula instead of continuing its journey through the Strait, reflecting growing caution among shipping companies operating in the region.
