The Nymex April WTI contract increased by 3.8% to $102.44 per barrel shortly after trading began. The benchmark had briefly spiked above $119 per barrel on March 9, although it has otherwise remained below the $100 per barrel mark since 2022.
Meanwhile, front-month May ICE Brent futures also climbed, rising 3.3% to a high of $106.50 per barrel.
According to statements made late on March 13, US forces had “totally obliterated” military targets on Kharg Island, Iran’s main oil export hub. However, oil infrastructure at the facility has so far remained intact.
President Trump warned that the United States could target Iran’s oil export facilities if Tehran continues to interfere with shipping through the Strait of Hormuz, one of the world’s most critical energy transit routes.
In response, Iranian Foreign Minister Abbas Araghchi stated on Sunday that Iran would retaliate against the United Arab Emirates, accusing it of hosting US operations linked to the attack on Kharg Island.
Crude prices moved higher despite additional details emerging about the International Energy Agency’s largest-ever strategic stock release. The planned 412 million barrel release will consist of more than 70% crude oil, while Asian member countries will immediately make available around 65 million barrels of crude and 43 million barrels of refined products, according to the agency’s announcement on March 15.
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