Oil prices jump to highest since mid-2022 amid fears of supply and shipping disruptions tied to Iran war
The Facts
- Oil prices surged sharply on Monday, reaching their highest levels since mid-2022.
- The price jump was linked in reports to the expanding U.S.-Israeli war with Iran and fears of prolonged shipping disruptions through the Strait of Hormuz.
- Brent crude rose as much as about 19.8% to roughly $111.04 a barrel in early trading on Monday (with prices later paring gains in some reports).
- U.S. West Texas Intermediate (WTI) rose as much as about 22.4% to roughly $111.24 a barrel in early trading on Monday.
- Energy-market concern has focused on the Strait of Hormuz because roughly one-fifth of the world’s oil supply normally passes through it.
- Multiple reports said disruptions in tanker movements and rising security risks have already slowed shipping activity, with Asian buyers described as especially vulnerable due to reliance on Middle Eastern crude.
- Several outlets reported that Iraq and Kuwait have begun cutting oil output amid the conflict, contributing to supply concerns.
Context
Why is the Strait of Hormuz so important to oil prices?
Reports highlighted the Strait of Hormuz as a critical chokepoint because roughly one-fifth of the world’s oil supply normally transits it; fears of disruption there can quickly tighten perceived supply and push prices higher. Star Express Tribune
How big was the move in oil prices on Monday?
In early trading, Brent rose as much as about 19.8% to around $111.04 a barrel, while WTI rose as much as about 22.4% to around $111.24 a barrel, according to multiple reports. CNA Indian Express Trade Arabia
What supply-side developments were cited alongside shipping risks?
Several reports said some Middle Eastern producers have begun cutting supply, including Iraq and Kuwait cutting oil output, and noted earlier liquefied natural gas reductions from Qatar. CNA Daily Monitor ETAuto.com
The receipts — all 48 sources
Wire services (5)
APInternational Business Times, Singapore EditionOil Prices Surge Over 25% As Iran War Disrupts Supply Near S...
Independent coverage (43)
Bizcommunity.comOil prices surge to highest since 2022 at over $119 a barrel...
Al-MonitorOil sails past $100 per barrel, as Iran war disupts energy s...
Free Malaysia TodayOil tops US$119 a barrel, highest since 2022
The East AfricanOil hits $119 a barrel, highest since 2022, on Middle East w...
News.azOil prices jump to highest since 2022 at over $119 a barrel ...
Business PlusOil prices up 15% as war in Iran escalates
Dubai Eye 103.8Oil prices surge to highest since 2022 at over $119 a barrel
ThePrintOil prices surge to highest since 2022 at over $119 a barrel...
Arab NewsOil passes $119 a barrel after 25% surge, on track for recor...
The Frontier PostPSX slumps 13,000 points amid Middle East tensions, policy r...
Offshore TechnologyOil prices surge 15% as Strait of Hormuz disruptions tighten...
Amwal Al GhadOil prices rise over 15% on Monday
LeadershipOil Hits Multi-year Highs Surges Above $115 On Middle East T...
The Star Oil pares gains but still on track for record surge as Iran ...
ThePrintOil surges over 25%, on track for record daily jump due to e...
ThePrintOil pares gains but still on track for record surge as Iran ...
Asharq Al-Awsat EnglishOil Pares Gains But Still on Track for Record Surge as Iran ...
DevdiscourseOil Prices Surge Amid Middle East Conflict | Headlines
Arab NewsOil surges over 25%, on track for record daily jump due to e...
The Maitland MercuryGlobal oil prices surge as war in Iran escalates
Business DayOil climbs more than 25% to highest levels since 2022
Ada DeranaOil is now up 25% and on track for a record daily jump
BusinessWorldOil surges over 25%, on track for record daily jump due to e...
ETAuto.comOil prices surge 20% as expanding US-Israeli war with Iran c...
englishCrude Oil Soars Past $110: How The US-Israel War With Iran I...
Trade ArabiaOil prices soar 20%, Brent tops $111
NewsBytesIran conflict: Oil jumps past $110, highest level since 2020
ThePrintOil prices surge 20% as expanding US-Israeli war with Iran c...
BW BusinessworldOil Soars As Middle East War Escalation Stokes Supply Fears ...
The Business StandardOil prices surge 20% as expanding US-Israeli war with Iran c...
VnExpress International – Latest news, business, travel and analysis from VietnamOil prices surge 20% as expanding US-Israeli war with Iran c...
Daily MonitorOil prices surge 20% as expanding US-Israeli war with Iran c...
News18Middle East War Sends Oil Soaring Past $100; Brent Hits High...
The Nation ThailandOil jumps above $100 as US-Iran war fears raise Strait of Ho...
Profit by Pakistan TodayOil prices surge 20% as expanding US-Israeli war with Iran c...
The Express TribuneOil prices soar over 25% as Iran war rattles global markets
Economic TimesOil surges 20% as Iran war fuels supply fears
The Business TimesNikkei tanks more than 5% as oil prices surge
The Indian ExpressOil prices surge 20% on supply fears as US-Israeli war with ...
BOE ReportOil prices surge 20% on supply fears as US-Israeli war with ...
CNAOil prices surge 20% as expanding US-Israeli war with Iran c...
CNAOil prices surge 20% on supply fears as US-Israeli war with ...
CNAUS oil prices jump on supply fears amid expanding US-Israeli...
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