Global oil prices climbed nearly 3% on Monday as escalating tensions between the United States and Iran fueled concerns over potential disruptions to global energy supplies. The latest increase pushed both Brent crude and West Texas Intermediate (WTI) to their highest levels in several weeks.
According to international market data, Brent crude rose by $2.77, or 3.14%, to $90.87 per barrel, marking its highest level since June 11. The benchmark had already posted a 15.9% weekly gain last week, its strongest weekly performance since April.
Meanwhile, US West Texas Intermediate (WTI) crude increased by $2.35, or 2.85%, to $84.84 per barrel, the highest price recorded since June 12. WTI also gained 15.5% over the previous week, its largest weekly rise since early March.
The sharp increase in global oil prices comes as investors closely monitor the ongoing conflict between the United States and Iran. Market participants remain concerned that further military escalation could affect oil production, shipping routes, and overall supply in the Middle East, a region that plays a critical role in global energy markets.
The impact of higher crude prices is also being felt in the United States, where retail gasoline prices have continued to climb. Reports indicate that the average price of gasoline has now exceeded $4 per gallon, reflecting the pressure created by rising international oil costs.
Since the recent escalation between Washington and Tehran, gasoline prices in the United States have reportedly increased by more than 30%, adding to inflation concerns and increasing transportation costs for consumers and businesses alike.
