Singapore, March 2 (SANA) Oil prices surged about 7% on Monday, reaching their highest levels in months, as escalating military tensions in the Gulf and damage to oil tankers disrupted shipping routes in one of the world’s key energy corridors.
Brent crude rose to $82.37 a barrel, its highest level since January 2025, in the first trading session after a U.S.-Israeli strike on Iran over the weekend, according to Reuters. The strike reportedly killed Iran’s Supreme Leader Ali Khamenei and triggered retaliatory attacks that have rattled energy markets.
U.S. West Texas Intermediate crude climbed $4.66, or 6.95%, to $71.68 a barrel after briefly touching $75.33, its strongest level since June 2025.
Traders pointed to mounting risks to maritime traffic in the Arabian Gulf, particularly through the Strait of Hormuz, a critical chokepoint for global energy supplies. About 20 million barrels of oil per day, roughly one-fifth of global consumption, passed through the strait in 2024, along with around 20% of the world’s liquefied natural gas exports, most of them from Qatar.
Analysts said further escalation or prolonged disruptions to shipping could drive prices higher, underscoring the Gulf’s central role in global oil and gas markets.
