DID Press: Global oil prices surged by more than 5% on Monday as markets reacted to rising concerns over a potential breakdown of the ceasefire between United States and Iran, alongside fears of disruptions to tanker traffic through the Strait of Hormuz.
According to Reuters, Brent crude rose by $5.08 (5.62%) to $95.46 per barrel, while U.S. West Texas Intermediate (WTI) increased by $5.01 (5.97%) to $88.86 per barrel.
This sharp rise follows a nearly 9% drop on Friday, after Iran stated that commercial shipping through the Strait of Hormuz would be allowed during a ceasefire period, and former U.S. President Donald Trump claimed Tehran had pledged not to block the route.
However, reports of attacks on several oil tankers within 24 hours of those statements have heightened concerns over maritime security in the region.
Analysts estimate that around 10–11 million barrels of oil per day remain effectively at risk of disruption from global markets, adding further upward pressure on prices.