Oil Prices Extend Surge Amid US-Iran Tensions

(RTTNews) - Oil prices surged past $100 per barrel for the first time since 2022 on Monday as investors braced for a potentially prolonged standoff in the Middle East and a global energy crisis.

Brent crude futures last traded up 15.2 percent at $106.77 a barrel after surging to a nearly four-year high above $119 a barrel earlier following production cuts by major Middle Eastern producers-including Kuwait, Iran, and the United Arab Emirates-after the closure of the Strait of Hormuz.

WTI crude futures for April delivery were up 13.2 percent at $102.94 after hitting an intraday high of $119.43 a barrel.

Tensions in the Gulf escalated following reports of explosions at Al Udeid Air Base, the largest United States military installation in the Middle East.

Bahrain's state oil company has declared force majeure on its shipments after Iranian strikes in the region set the largest oil facility on fire.

Iran fired its first missiles towards Israel today following the appointment of Ayatollah Mojtaba Khamenei as the Islamic Republic's new supreme leader.

On Sunday, Iran pressed attacks on neighboring Gulf states, with Qatar, Kuwait, and Bahrain all reporting missile and drone strikes.

The U.S. reportedly ordered diplomats and embassy staff to leave Saudi Arabia after drone attacks hit U.S. embassies in Riyadh.

According to U.S. President Donald Trump, attacks on Iran would continue "until they surrender or, more likely, completely collapse."

Goldman Sachs warned in a recent investor note that international oil prices could reach $150 a barrel by the end of the month if crude oil flows through the Strait of Hormuz do not improve.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.