Oil prices surge above $100 as Hormuz tensions deepen

Brent crude, the global benchmark, rose 2.9% to about $106.12 per barrel, while U.S. West Texas Intermediate gained 2.6% to $101.53 The escalation follows continued fighting in Iran involving U.S. and Israeli forces, which has severely disrupted oil flows through the Strait of Hormuz. The narrow waterway, controlled by Iran, carries roughly 20% of the world’s oil supply and has been effectively closed to tankers since the conflict began on February 28 U.S. President Donald Trump has urged international cooperation to restore shipping through the strait. In a post on Truth Social, he called on countries to coordinate efforts to reopen the route “so that everything goes quickly, smoothly, and well.” Washington has indicated it plans to deploy naval forces to escort tankers leaving the Middle East, though officials say it could take weeks before such operations begin Meanwhile, Iran has increased pressure in the region, reportedly laying mines in the strait and warning it could target U.S.-linked oil and gas infrastructure. Several tankers have already been struck since the start of the conflict The United States has also targeted Iranian infrastructure, including strikes on Kharg Island, a key hub for Iran’s oil exports, though officials say some production facilities have been spared To offset rising fuel prices, the Trump administration approved new domestic projects over the weekend, including a BP offshore development in the Gulf of America and the restart of offshore rigs near Southern California The International Energy Agency also agreed to release 400 million barrels of emergency reserves. However, shipments from Europe and the Americas are expected to begin only toward the end of March Earlier, Qazinform News Agency reported that U.S. President Donald Trump said on Saturday that “many countries” could join the United States in sending naval forces to keep the Strait of Hormuz “open and safe.”