Global oil prices rose sharply on Monday following Iranian strikes across the Middle East, which disrupted shipping through the Strait of Hormuz.
The developments followed attacks by Israel and the US over the weekend that resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, prompting further retaliation from Tehran. As a result, trading screens reflected immediate reactions from energy markets worldwide.
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Brent crude futures increased by as much as 13% to $82.37 per barrel (bbl) at their peak, a level not observed since January 2025, before retreating to $78.87/bbl by mid-morning GMT, still up $6, or 8.2%.
US West Texas Intermediate (WTI) crude also climbed more than 12% intraday to $75.33 before easing back to $72.17/bbl, an increase of $5.15, or 7.7%.
The price surge occurred after reports confirmed at least three vessels had been targeted near the Strait of Hormuz over the weekend amid ongoing hostilities in Gulf waters.
Iranian actions followed warnings issued to ships regarding passage through this vital waterway bordering its southern coast. The channel is responsible for approximately 20% of global oil and gas shipments, sourced predominantly from Saudi Arabia, Iraq, Kuwait, Iran and the United Arab Emirates, bound for Asian markets such as China and India.
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By GlobalDataAccording to international shipping data, more than 200 tankers, including vessels carrying both crude oil and liquefied natural gas, remained anchored outside the Strait late Sunday. This was due to security concerns related to ongoing military activity in surrounding areas.
Satellite imagery provided by monitoring platforms including Kpler corroborated these movements. Traffic flows have slowed significantly since Saturday when instructions broadcasted via radio by Iran’s Islamic Revolutionary Guard Corps (IRGC) warned: “no ship is allowed to pass the Strait of Hormuz”, according to a report by Reuters.
Within this context, several major oil companies and trading houses suspended cargo operations through affected maritime corridors during periods of heightened risk. Meanwhile, Brent crude exceeded a year-to-date gain of 19%, with WTI tracking roughly 17% higher versus levels seen at last Friday’s market close.
Security alerts circulated throughout regional ports echoed statements by official agencies about escalating risks for commercial traffic transiting Gulf waters and adjacent lanes off Oman’s coastline.
The UK Maritime Trade Operations Centre (UKMTO) reported two separate vessel strikes caused damage, while an “unknown projectile” detonated near a third ship nearby. “Multiple security incidents” were noted, with advice issued for all ships navigating contested zones “to transit with caution”.
According to statements released Sunday night from the IRGC, “three tankers from the UK and US had been ‘struck by missiles and are burning’.” Authorities in London and Washington, DC, have so far not commented publicly regarding those claims but continue to monitor developments closely alongside partners involved in maritime security initiatives across key choke points within regional supply networks.
One seafarer lost his life amid recent attacks recorded within Gulf waterways, with damage to three tankers confirmed. Multiple media reports, citing industry analysts, indicated that a prolonged conflict could exert further upward pressure on global energy prices if disruptions continue beyond the current timelines.
Meanwhile, in response to the ongoing crisis, the Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, announced an agreement among member states on Sunday approving an output boost totalling approximately 206,000 barrels per day, effective from April.
International Energy Agency director Fatih Birol stated: “The International Energy Agency is in touch with major producers in the Middle East,” adding that strategic reserves can be coordinated amongst developed countries during emergencies should further constraints develop around critical petroleum flows.
