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Oil prices edged lower on Monday, pulling back from early gains after U.S. President Donald Trump urged other nations to help secure the Strait of Hormuz, a critical passage responsible for approximately one-fifth of the world's oil and gas supply. Brent crude futures dipped 0.23% to $102.90 per barrel, while U.S. West Texas Intermediate crude dropped over 1% to $97.64 per barrel, despite both benchmarks surging more than 40% this month alone — their highest levels since 2022.
The dramatic price spike was triggered by U.S.-Israeli military strikes on Iran, which prompted Tehran to shut down shipping through the Strait of Hormuz in what analysts are calling the most significant oil supply disruption in history. Trump confirmed that Washington is actively negotiating with multiple nations to establish a policing presence in the strait, while also maintaining contact with Iran — though he expressed skepticism over Tehran's willingness to engage in meaningful peace talks.
Tensions escalated further over the weekend when Trump threatened additional strikes on Iran's Kharg Island, which processes roughly 90% of the country's oil exports. In response, Iranian drones struck a major oil terminal in Fujairah, UAE — a key outlet handling around one million barrels per day of Murban crude. While loading operations at Fujairah have since resumed, full recovery remains uncertain.
To counter soaring energy prices, the International Energy Agency announced a record release of over 400 million barrels from global strategic reserves, with Asian stocks flowing immediately and Western reserves available by late March. Meanwhile, U.S. Energy Secretary Chris Wright expressed optimism that the conflict could conclude within weeks, forecasting a rebound in oil supplies and a subsequent decline in energy costs.
Market analysts continue to warn of escalating risks, citing potential ground operations, nuclear site raids, and prolonged instability as key threats to global oil stability.
