Oil Prices Surge Above $100 for the First Time Since 2022
Date: Monday
Oil markets rallied sharply on Monday, pushing Brent crude above the $100‑per‑barrel mark for the first time since 2022. The jump was driven by an escalating military conflict in the Gulf and the broader Middle East and disruptions to key energy shipping routes.
Key Price Movements
| Benchmark | Delivery Month | Price at 11:40 GMT | % Change | Earlier Session High |
|---|---|---|---|---|
| Brent (North Sea) | May | $104.46 | +12.70 % | $119.50 |
| West Texas Intermediate (WTI) | April | $101.50 | +11.66 % | $119.48 |
- The Brent price for May delivery surged to $104.46, up 12.70 % from the previous level, after having peaked at $119.50 earlier in the session.
- The WTI (U.S. crude) for April delivery jumped to $101.50, a rise of 11.66 %, following a high of $119.48.
Shipping Route Disruption
- The Strait of Hormuz, a critical chokepoint through which roughly one‑fifth of the world’s oil and liquefied natural gas (LNG) shipments normally pass, remains impassable. This blockage is a major factor behind the price spikes.
European Gas Market Reaction
- Spot gas prices in Europe also surged. The Dutch TTF (Title Transfer Facility) futures contract rose more than 16.42 % to €62.15 per megawatt‑hour (MWh), after opening with a jump of about 30 %.
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