West Texas Intermediate (WTI) crude oil futures rose sharply in early trading Monday, reaching $72.37 per barrel, a 7.98% increase, according to data from markets.businessinsider.com. The price movement follows attacks in Iran and escalating tensions in the Middle East, specifically concerning the Strait of Hormuz, a critical oil chokepoint.
The surge in oil prices occurred as insurers began to pull cover for ships operating in the region and traffic through the Strait of Hormuz reportedly stalled, raising concerns about potential disruptions to global oil supply. Approximately 15 million barrels of crude oil pass through the Strait of Hormuz daily, making it a vital artery for global energy markets.
As of 7:17:42 AM NYMEX time, WTI crude oil was trading at $72.37 per barrel. The previous close was $67.02, with a day’s high of $75.94 and a low of $69.20. Futures contracts for April 2026 (CLT APR26) were trading at $72.28 as of 3:02 PM, while May 2026 contracts (MCL MAY26) were at $71.81. June 2026 contracts (CL JUN26) were trading at $70.84.
Analysts at Barclays predict that Brent crude could test $100 a barrel, while market participants are assessing the potential for a prolonged conflict or wider regional war. The attacks on Iran are seen as likely to drive oil prices higher, according to reports.
European natural gas prices similarly experienced a significant jump, rising 30% on Monday, further indicating the market’s sensitivity to geopolitical instability in the Middle East. The situation is being closely monitored by energy markets and international observers.
