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Oil prices moved higher on Monday as renewed military exchanges between the United States and Iran heightened concerns over global energy supplies and disrupted shipping through the strategically important Strait of Hormuz. The latest escalation has reinforced fears that the fragile interim peace agreement between the two countries could unravel, keeping energy markets on edge.
Brent crude futures gained 50 cents, or 0.69%, to trade at $72.49 per barrel by 2204 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures climbed 73 cents, or 1.05%, to $69.96 per barrel, reflecting increased demand for oil amid growing geopolitical uncertainty.
The recent exchange of strikes between Washington and Tehran has once again highlighted the vulnerability of global oil supply chains. Although both nations remain under an interim peace arrangement, the renewed hostilities have raised concerns that the agreement could collapse if tensions continue to escalate.
One of the primary concerns for investors is the Strait of Hormuz, a narrow but critical maritime passage that handles a significant share of the world's crude oil and liquefied natural gas exports. Any disruption to shipping in the waterway can tighten global energy supplies, increase transportation costs, and push oil prices higher.
Reports of slower tanker traffic through the Strait have intensified market anxiety, prompting traders to factor in a larger geopolitical risk premium. Energy markets remain highly sensitive to developments in the Middle East, where even limited disruptions can quickly affect global crude benchmarks.
Analysts say traders will continue monitoring diplomatic efforts between the United States and Iran, along with shipping activity in the Gulf region, for signs of further escalation or de-escalation. Any prolonged disruption to oil exports or transportation routes could drive additional gains in crude prices.
With geopolitical risks remaining elevated, Brent and WTI crude are likely to stay volatile in the near term as investors weigh the balance between global oil demand and potential supply interruptions from one of the world's most important energy corridors.
