Global oil prices surged Monday, briefly exceeding $119 per barrel, their highest level since 2022, as the expanding U.S.–Israel conflict with Iran rattled energy markets.
Brent crude jumped as much as 14% in volatile trading, while U.S. West Texas Intermediate recorded similar gains amid fears of severe supply disruptions.
Brent briefly touched $119.50 per barrel, marking one of the largest single-day price moves on record, while WTI climbed to nearly identical levels.
Since the start of the conflict on February 28, Brent has surged 66% and WTI 77%, reflecting mounting geopolitical risk across global energy markets.
The Strait of Hormuz, a vital shipping route for roughly one-fifth of global oil and LNG supplies, is now largely closed to commercial traffic.
Market structure signals acute shortages, with Brent’s near-term contracts trading at record premiums, indicating traders expect immediate supply constraints.
Major producers are also cutting output, including Saudi Arabia, Iraq, and Kuwait, while Qatar halted LNG production following attacks on critical energy infrastructure.
Analysts warn prolonged disruption could drive higher global fuel prices for months, despite discussions among G7 nations about releasing strategic petroleum reserves.
