Oil prices climbed further on Monday as the U.S.–Israeli conflict with Iran entered its third week, stoking concerns over global supply disruptions and keeping energy markets on edge.

The escalation has intensified threats to oil infrastructure and maintained pressure on the strategically vital Strait of Hormuz, a key route for crude shipments worldwide.

Brent and U.S. crude benchmarks have risen sharply in recent weeks, driven by fears of a prolonged conflict and possible supply shortages in the Middle East.

Oil prices climbed further as geopolitical tensions escalated and supply risks stayed high.

Brent crude futures rose $2.01, or 1.95 per cent, to $105.15 per barrel by 23:38 GMT, following a $2.68 gain in the previous session on Friday.

U.S. West Texas Intermediate crude rose $1.61, or 1.63 per cent, to $100.32 per barrel, after gaining nearly $3 in the previous session.

Both Brent and WTI have surged over 40 per cent this month, reaching their highest levels since 2022.

The rally comes amid U.S.–Israeli strikes on Iran, which prompted Tehran to halt shipping through the Strait of Hormuz—a critical chokepoint that handles roughly one-fifth of global oil supply.

The Strait of Hormuz remains at the center of the crisis, serving as one of the world’s most critical oil transit routes. Any prolonged disruption could heavily affect global supply flows.
The strait handles roughly one-fifth of global oil shipments, while Iran’s Kharg Island export hub manages about 90 per cent of the country’s oil exports.

Following weekend military actions, U.S. President Donald Trump warned of potential further strikes on Kharg Island.

The International Energy Agency announced on Sunday that over 400 million barrels of oil reserves will soon be released into the market, a record draw aimed at easing price spikes linked to the Middle East conflict.

The move is intended to bolster supply amid concerns over prolonged disruptions.