Global oil markets witnessed a dramatic surge on Monday as escalating war tensions involving Iran pushed crude prices to their highest levels since 2022, raising concerns about energy supply disruptions.
In international trading, Brent Crude climbed to $119.50 per barrel at one stage, marking a multi-year high. Similarly, West Texas Intermediate (WTI) also surged to $119.48 per barrel during the session.
According to the latest figures, Brent crude is currently trading at around $101.46 per barrel, while WTI crude has reached approximately $98.82 per barrel, reflecting a sharp increase within a single trading day.
Market Anxiety After Iran Attacks
Energy market analysts say the surge followed military strikes carried out by the United States and Israel on Iran on February 28, which triggered widespread uncertainty in global energy markets.
Since the escalation, Brent crude prices have jumped nearly 66%, while WTI has risen about 77%, highlighting the severe volatility in oil markets.
Supply Concerns Push Prices Higher
Experts warn that if the conflict spreads further across the Middle East, global oil supplies could face serious disruptions, potentially pushing prices even higher.
Market data also shows that immediate Brent delivery contracts are trading about $36 higher than contracts for delivery in six months, indicating strong fears of a near-term supply shortage.
Possibility of Approaching Historic Oil Price Record
For reference, the highest oil price in history was recorded in 2008, when crude surged to nearly $147 per barrel during the global financial crisis. Analysts caution that if the conflict persists for an extended period, prices could move closer to that historic level once again.