Global oil prices surged on Monday as rising tensions in the Middle East sent shockwaves through energy markets. Brent crude climbed to $113.21 per barrel, up 0.91% from the previous day, marking its highest levels since mid‑2022.
Over the past month, Brent has jumped nearly 60%, and it is 55% higher than a year ago, according to CFD trading tracking the benchmark market.
The surge comes after former President Donald Trump issued a weekend ultimatum demanding that Iran reopen the Strait of Hormuz, a vital shipping lane for roughly 20% of the world’s crude exports. Trump warned he would “obliterate” major Iranian power plants if the strait remained closed.
Tehran responded with counter-threats, saying it would target U.S. and Israeli assets, including energy, IT, and desalination infrastructure, and warned that financial institutions purchasing U.S. Treasuries could be considered legitimate targets.
The escalation has effectively halted tanker traffic through the Strait of Hormuz, sharply reducing oil flows from the Middle East. Since the conflict began, oil prices have surged roughly 50%, with attempts to release strategic reserves or facilitate the sale of Russian and Iranian oil failing to curb the rally.
Traders are closely watching developments, knowing that any further escalation could push energy prices even higher, with knock-on effects for global markets.
