Oil prices surge as US–Iran tensions unsettle markets

Oil prices continue to climb as the conflict widens and fears grow of supply disruptions from the Middle East.

Brent crude rose to $79.44 a barrel and briefly reached its highest level since January 2025 on Monday. US WTI traded above $72.

Markets are reacting primarily to tensions around the Strait of Hormuz, through which roughly a fifth of the world’s oil and gas flows. Tankers are avoiding the area, insurers are withdrawing cover and transport costs are rising sharply.

Iranian sources have even claimed that the strait is closed.

Analysts warn that, without a swift easing of tensions, prices could remain elevated in the coming days. In an extreme scenario involving a prolonged conflict, Brent could climb to $150 a barrel, according to estimates.

(reuters, pir)