Oil prices surged to a two-week high on Monday, driven by stalled negotiations between the United States and Iran and continued disruptions to shipments through the Strait of Hormuz, tightening global supply conditions.
Brent crude rose by $2.90, or 2.8 percent, to $108.23 a barrel, marking its sixth consecutive day of gains and putting it on track for its highest close since early April. Meanwhile, West Texas Intermediate crude climbed $1.97, or 2.1 percent, to $96.37 a barrel.
The sustained rally reflects growing market concerns about supply constraints, as tensions in the Middle East continue to limit oil flows through key shipping routes. The Strait of Hormuz, a critical artery for global energy trade, remains partially disrupted, keeping traders on edge.
Brent’s latest gains mark its longest winning streak since March 2025, underscoring the strength of the current upward momentum. With geopolitical uncertainty persisting and supply risks unresolved, oil markets are likely to remain volatile in the near term.
With inputs from WAM
