Brent crude oil prices surged more than $3 per barrel on Monday as escalating geopolitical tensions in the Middle East reignited fears over global crude supply disruptions.
Brent futures rose $3.20, or 3.39%, to $96.24 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed $2.87, or 3.17%, to $93.41 per barrel as of 0333 GMT.
The sharp gains were triggered initially by Israel’s renewed strikes on Lebanon a day earlier, but momentum intensified after reports of explosions in multiple Iranian cities, including Tehran, Tabriz, and Isfahan, according to local media.
The developments deepened uncertainty around the region and revived concerns about potential disruptions to oil flows through the Strait of Hormuz, a critical global shipping route for crude exports.
The rally erased losses recorded on Friday, when oil prices had declined on expectations of a possible de-escalation in the U.S.–Iran conflict. Despite the latest escalation, U.S. President Donald Trump maintained that diplomatic progress remains possible, stating that an agreement to end the wider conflict is still “well within reach.”
Trump also indicated that he had advised Israeli Prime Minister Benjamin Netanyahu against further military escalation. In comments reported by the Financial Times, he said: “It’s not going to have any impact on the deal. I call the shots. I call all the shots. He doesn’t call the shots.”
The latest price movements highlight how sensitive global oil markets remain to geopolitical developments, particularly in energy-rich and strategically important regions.
