Khaberni - U.S. crude futures rose more than 20% in early Monday trading to reach their highest level since July 2022, as the escalating U.S.-Israeli war on Iran exacerbated fears of shrinking supplies and prolonged disruptions to shipments through the Strait of Hormuz.
West Texas Intermediate crude futures climbed 16.31% to $105.73 per barrel by 22:20 Greenwich Mean Time. They had earlier risen 22.4% to $111.24 per barrel during the session.
On Friday, the benchmark crude rose 12% and recorded a weekly increase of 36%.
This comes as the conflict escalates between the United States and Israel on one side and Iran on the other, triggering widespread fears in global markets about the safety of oil supplies from the Middle East region.
Analysts believe that the continued escalation might push oil prices even higher, especially if shipping movements or production in the region, which is one of the most important oil-producing and exporting areas globally, are affected.
Ibrahim Zulfiqar, the spokesperson for "Khatam al-Anbiya Headquarters," said that Tehran expects governments to "warn the United States and Israel of the danger of any hostile acts, or similar measures will be taken in the region."
Zulfiqar added: "If you are able to tolerate the rise in oil prices to more than $200 per barrel, then continue with this game."
