Crude Oil Prices LIVE: Brent oil, WTI crude oil prices jump as US-Israel-Iran war escalates; Strait of Hormuz flows eyed

Crude Oil Prices LIVE: Crude oil prices jumped over 7% to multi-months high levels on Monday as war in the Middle East escalated, following US and Israeli military strikes on Iran, with the vital Strait of Hormuz effectively shut, several tankers damaged and shipments disrupted from the key producing region.

Brent crude futures prices surged to $82.37, the highest since January 2025, after the US and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. Brent crude oil price rallied 7.60% to $78.41 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 7.19% to $71.86.

Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. The attacks resulted in ships with collateral damage as missiles hit at least three tankers off the Gulf coast and killed one seafarer.

Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles, Reuters reported.

OPEC agreed to resume oil production increases next month amid US-Israeli strikes on Iran. Key members led by Saudi Arabia and Russia will add 206,000 barrels a day. OPEC output increase exceeds the monthly increments of just 137,000 barrels a day in the fourth quarter and comes amid turmoil roiling the Middle East.

Stay tuned to our Crude Oil Prices Live Blog for the latest updates.

The Middle-East conflict escalated over the weekend with the US and Israel bombing Iran. Though Iran’s response in attacking other GCC countries escalated the seriousness, we expect a relatively short conflict lasting a few days to a couple of weeks, given the imbalance between the two sides and the depletion of Iran’s leadership. In the short term, Emkay Global expects severe dislocation of oil supplies and global supply chains, with a spike in Brent crude prices to $90-100 per barrel.

Crude oil prices surged by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil. Brent rallied as much as 13% to above $82 a barrel, the highest level since January 2025, before paring the bulk of its gain. Brent crude oil price surged 4.82% to $76.38 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 4.31% to $69.91.

Investors eye the Strait of Hormuz where around a fifth of the world’s seaborne oil trade flows and 20% of its liquefied natural gas. While the vital waterway has not yet been blocked, marine tracking sites showed tankers piling up on either side of the strait wary of attack or maybe unable to get insurance for the voyage, Reuters reported.

The war in the Middle East escalated as military strikes by the United States and Israel on Iran showed no sign of lessening, while Iran responded with missile barrages across the region, risking dragging its neighbours into the conflict. President Donald Trump suggested to the Daily Mail the conflict could last for four more weeks, while posting that attacks would continue until US objectives were met.

Brent crude futures prices surged to $82.37, the highest since January 2025, after the US and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei. Brent crude oil price rallied 7.60% to $78.41 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 7.19% to $71.86.

Crude oil prices jumped over 7% to multi-months high levels on Monday as war in the Middle East escalated, following US and Israeli military strikes on Iran, with the vital Strait of Hormuz effectively shut, several tankers damaged and shipments disrupted from the key producing region.

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