Oil prices surge as MidEast conflict disrupts global supply
Crude oil prices rose sharply at the start of the week as ongoing conflict in the Middle East continued to strain global energy supplies.
The US benchmark, West Texas Intermediate, climbed 1.86 percent to $113.62 per barrel, while North Sea Brent crude increased 1.16 percent to $110.30 per barrel.
The surge comes amid escalating tensions involving Donald Trump, who has issued a Tuesday deadline for Iran to halt hostilities and reopen shipping routes through the Strait of Hormuz.
In a social media post, he warned of potential strikes targeting Iranian infrastructure, including power plants and bridges, if demands are not met. He later indicated there was still a possibility of a diplomatic resolution.
The conflict, now in its sixth week since the US and Israel launched attacks on Iran on February 28, has spread across the region and significantly impacted the global economy.
Iran’s effective blockade of the Strait of Hormuz—responsible for transporting roughly 20 percent of the world’s oil and gas—has been a key factor driving the spike in petroleum prices.
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