NEW DELHI — Global oil prices rose sharply Monday as tensions in West Asia intensified following U.S. strikes on military assets on Iran’s Kharg Island over the weekend.
Crude futures climbed in early trading, with the U.S. benchmark West Texas Intermediate rising 3.77 percent to $102.44 per barrel around 9:45 a.m. Brent crude, the international benchmark, traded at $104.79, up 1.59 percent from the previous close.
The price surge came after Iran launched retaliatory attacks on Israel and several Arab states following U.S. strikes targeting military facilities on Kharg Island, which handles the majority of Iran’s crude exports.
President Donald Trump warned that Iran’s energy infrastructure on the island — responsible for roughly 90 percent of the country’s oil exports — could face further attacks if Tehran disrupts shipping through the Strait of Hormuz.
Trump said he was “demanding” that other nations help secure the strategic maritime route connecting Persian Gulf oil and gas supplies to global markets.
The U.S. has reportedly asked major oil-importing partners such as China and Japan to deploy naval vessels to the Strait of Hormuz to ensure the safe movement of oil tankers. About one-fifth of global oil shipments and large volumes of seaborne liquefied natural gas pass through the waterway.
Washington has also ordered the U.S. Navy’s Fifth Fleet to escort commercial vessels in the region in an effort to deter potential Iranian attacks.
The strike on Kharg Island represents a further escalation in the conflict, which the International Energy Agency says has already caused the largest supply disruption in the history of the global oil market. Shipping traffic through the Strait of Hormuz has largely stalled since the hostilities intensified.
Meanwhile, the United Arab Emirates resumed loading operations at the key export hub of Port of Fujairah on Sunday, a day after a drone strike temporarily halted shipments from the country’s primary export route while the strait remained blocked.
Brent crude rose about 11 percent last week, briefly touching $119.50 per barrel — levels last seen after Russia’s invasion of Ukraine — before settling just above $103 per barrel. (Source: IANS)
