Oil prices surge past $100 amid Iran war: Revisiting crude’s dramatic journey from minus $40 to triple digits

Oil price today: Oil prices soared past the $100 mark on Monday as the conflict in the Middle East intensified, raising concerns over disruptions to energy supplies and shipping routes in the region. Brent crude, the global benchmark, surged above $118 a barrel, while US West Texas Intermediate (WTI) followed a similar path, jumping nearly 30% from Friday’s close of $90.90. At 0230 GMT, WTI was up 30.04% at $118.21 per barrel before easing slightly, while Brent traded 27.54% higher at $118.22.

Several producers in the region have already begun tightening supplies.