Crude Oil Prices Jump Nearly 13% as Iran Conflict Enters Third Day
Crude oil prices shot up nearly 13% on the world markets as the U.S. and Israeli military strikes continued Monday on Iran, marking the third day of the war.
Natural gas prices also rose as the retaliation by Tehran following the deaths of its Supreme Leader and 47 others forced the closings of oil and gas operations in the region. The exchange of attacks also disrupted shipping in the critical Strait of Hormuz.
Oil and gas prices surged on Monday following Israeli and U.S. strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz.
Brent and WTI Post Sharp Gains
Brent crude increased as much as 13% to $82.37 a barrel, the highest mark since January 2025. It finally settled up $4.87 a barrel or 6.7% at $77.74 a barrel.
U.S. West Texas Intermediate crude closed at $71.23, up $4.21, or 6.3%. The benchmark at one point gained more than 12% to $75.33, highest since June.
The gains reflected immediate trader reaction to escalating military developments and concerns about potential supply disruptions in one of the world’s most strategically important oil transit corridors. The Strait of Hormuz serves as a key chokepoint for global crude exports, and any prolonged interference with tanker traffic could tighten supplies quickly.
Analysts Warn of Prolonged Price Pressure
Analysts say if the conflict is prolonged, it will lead to a sustained rising in oil prices, something that would fuel inflation worldwide and also result in higher retail gasoline prices in the U.S.
Despite the more than 6% jump in oil prices, the gain wasn’t as much as some analysts had predicted. Some suggested it could shoot up $10 to $20 a barrel, but it didn’t happen.
Market volatility remains high as traders assess both the scale of the regional shutdowns and the likelihood of further military escalation. Energy infrastructure across parts of the Middle East plays a critical role in balancing global supply and demand, particularly as summer fuel demand increases in the Northern Hemisphere.
Natural Gas and Oklahoma Energy Stocks Rise
Natural gas prices rose more than 4%, settling Monday at $2.982 MMBtu following a gain of $0.123 or 4.30%.
Most Oklahoma energy stocks recorded gains in Monday’s trading, including a 10% increase for USA Rare Earth Inc. and 7% jumps for Empire Petroleum Company and Mammoth Energy Services.
The broader response across commodities and equities underscores how closely tied financial markets are to geopolitical developments in major oil-producing regions. With military operations continuing into a third day, traders and energy companies alike are watching developments on what many describe as an hour-by-hour basis.