NEW YORK — Oil prices surged to multi-month highs on Saturday as the monthlong conflict with Iran continued to disrupt global energy supplies through restrictions on the Strait of Hormuz and related attacks in the region.
Brent crude futures rose more than 4 percent in early trading to settle above $112 per barrel, while U.S. West Texas Intermediate crude climbed to around $99 a barrel. The gains extended a rally that has seen Brent prices increase more than 50 percent since late February, when U.S. and Israeli strikes on Iranian targets triggered the escalation.
The Strait of Hormuz, which normally carries about 20 million barrels per day of crude oil and petroleum products — roughly one-fifth of global seaborne oil trade — has seen commercial traffic drop sharply since Iran began enforcing restrictions in early March. Only limited approved transits have been reported, with major shipping companies suspending operations in the area. Asian countries, which receive the majority of flows through the strait, have faced the greatest exposure.
The disruptions have compounded supply concerns amid Iranian missile and drone attacks on regional targets, including a strike on Prince Sultan Air Base in Saudi Arabia that damaged refueling aircraft. Additional factors include Houthi missile launches from Yemen toward Israel and the deployment of thousands of U.S. Marines to support maritime security operations.
Energy markets have shown heightened volatility, with futures contracts reflecting a significant risk premium. The price increases have raised costs for transportation, manufacturing and consumer goods worldwide, contributing to broader inflation pressures. Stock markets have reacted with declines, as seen in recent sessions on Wall Street.
President Donald Trump extended a deadline for Iran to reopen the strait to April 6, citing backchannel discussions, but limited progress has kept uncertainty elevated. The conflict has already affected thousands of seafarers and rerouted vessels, increasing shipping costs and delays.
As of Sunday, oil futures remained elevated amid ongoing monitoring of the Persian Gulf. Maritime traffic in the strait stayed restricted, and officials continued diplomatic contacts while assessing the impact of recent attacks and military deployments in the region.
