Oil Futures Surge Past $115 amid Escalating Iran Conflict

Global oil markets are bracing for turbulent openings after crude futures surged sharply on Sunday amid escalating conflict in Iran, supply disruptions, and production cuts from several Gulf producers. 

The rapid price increase reflects growing concerns over potential closures of the Strait of Hormuz, a critical chokepoint for global oil trade.

Data from Hyberliquid showed that West Texas Intermediate (WTI) crude futures jumped to $115 per barrel, up from Friday’s close of $91.27. Similarly, Brent crude, the global benchmark, rose to $117 per barrel, marking its highest level since 2022, compared with $92.69 at Friday’s close.

Latest Oil Prices: 

WTI Crude • 90.90 +9.89 +12.21%

Brent Crude • 92.69 +7.28 +8.52%

Murban Crude • 103.2 +8.73 +9.24%

Louisiana Light • 84.88 +6.30 +8.02%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 90.10 +7.23 +8.72%

Mars US • 856 days 69.53 -0.85 -1.21%

Gasoline • 2.747 +0.076 +2.83%

Natural Gas • 3.186 +0.183 +6.09%

Energy markets have reacted strongly to the intensifying conflict over the weekend. U.S. President Donald Trump demanded Iran’s unconditional surrender, while Tehran vowed to continue fighting as long as necessary. Meanwhile, several Gulf producers began curtailing output amid concerns over supply disruptions.

Kuwait has already cut production by approximately 100,000 barrels per day, with expectations of further reductions if the conflict persists.

UAE, Iraq, Saudi Arabia, and Qatar have also reduced output this year, amplifying fears of global supply shortages.

Analysts warn that if hostilities continue, global oil and fuel reserves could be severely strained within weeks or even days.

The crisis intensified further after Israel struck key energy infrastructure in Iran, and Iran retaliated by targeting Israel’s Haifa refinery, one of the country’s largest. Market observers note that the most likely scenario is continued upward pressure on crude prices for as long as the war persists.

The conflict has already affected U.S. financial markets. On Friday, the Dow Jones Industrial Average fell by roughly 455 points, while the S&P 500 and Nasdaq 100 dropped by approximately 90 and 365 points, respectively.

In contrast, energy sector stocks posted significant gains, as investors anticipate higher revenues and profits in the near term:

Marathon Petroleum shares jumped about 10% last week.

APA Corporation, Valero Energy, Phillips 66, and EOG Resources rose more than 5%.

Diamondback Energy and ConocoPhillips also recorded notable gains.

Data from Polymarket shows that the probability of a ceasefire this month has declined to 24%, while expectations for a truce in April, May, and June stand at 47%, 61%, and 69%, respectively, indicating that geopolitical uncertainty may continue to influence both energy and equity markets in the near term.