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Oil prices climbed on Monday, extending strong gains from the previous week as escalating U.S.-Iran tensions around the Strait of Hormuz fueled concerns over prolonged disruptions to global crude oil supplies.
Brent crude futures for November delivery rose 0.5% to $96.77 per barrel as of 21:25 ET (01:25 GMT), while West Texas Intermediate (WTI) crude futures gained 0.5% to $91.94 per barrel.
The latest advance followed a sharp weekly rally. Brent oil prices surged 7.8% last week, while WTI jumped nearly 10% as shipping activity through the Strait of Hormuz declined amid heightened security risks.
Tensions intensified after the U.S. military said it struck three Iranian oil tankers on Saturday in response to Iranian forces targeting U.S. Navy vessels with ballistic missiles. Iran later said it attacked a U.S. naval drone and warned that additional U.S. strikes would be met with a stronger response.
Adding to concerns about shipping disruptions, Iran's top security official said Tehran plans to establish a new restricted maritime zone outside the Strait of Hormuz in the coming days. Vessels entering the designated area could potentially face sanctions, according to Press TV.
The Strait of Hormuz is one of the world's most important energy transit routes, normally handling oil volumes equivalent to roughly one-fifth of global consumption. Any prolonged disruption could tighten crude supplies and keep upward pressure on global oil prices.
Shipping activity has already fallen significantly. Data from analytics firm Kpler showed traffic declining to around 10 commodity vessels per day on Monday, the lowest level since May, as operators contend with increasing security threats.
Meanwhile, OPEC+ announced after its Sunday meeting that it will keep oil production unchanged in October. The decision ends a six-month stretch of output increases as the producer alliance turns its attention toward establishing new production quotas for 2027.
With Hormuz shipping risks rising and OPEC+ pausing production increases, geopolitical tensions are likely to remain a major driver of Brent and WTI crude prices.
