$97 Oil Prices Soar Amid Escalating US-Iran Conflict
Renewed military confrontations between the United States and Iran have caused global energy markets to spike, sending crude oil prices over $97 per barrel. European natural gas prices surged on Monday to their highest level since December 2022.
The European benchmark Dutch gas future rose to nearly 75 euros per megawatt-hour, while North Sea Brent crude traded at around $97.30 per barrel, reaching its highest level since spring. Goldman Sachs warned that persistent attacks and worsening shipping constraints could push Brent crude to $120 per barrel.
The conflict in the Strait of Hormuz has severely curtailed maritime traffic through this critical transit chokepoint for international oil and gas shipments. Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, announced plans to establish a new exclusion zone outside the waterway, warning that ships entering the area risk being placed on Iran's sanctions list.