US Oil Prices Soar Amid Escalating Conflict with Iran
US oil prices surged on Monday in early trading due to supply fears stemming from the escalating conflict between the US, Israel, and Iran. The war has already caused disruptions to shipments through the Strait of Hormuz, a critical chokepoint for global oil supplies.
The price of US West Texas Intermediate (WTI) crude futures rose by over 20% in early trade, hitting its highest level since July 2022. The benchmark contract climbed as high as $111.24 per barrel, up from its previous peak at $105.73. This significant increase marks a 22.4% rise for the day and a 36% surge over the past week.
The conflict has left consumers and businesses worldwide facing weeks or months of higher fuel prices, even if the war ends quickly. Suppliers are grappling with damaged facilities, disrupted logistics, and elevated risks to shipping due to the ongoing hostilities.