US WTI oil prices jump over 5% as Mideast tensions fuel supply fears

US crude oil prices surged Monday, with West Texas Intermediate (WTI) rising more than 5.4% intraday as escalating tensions in the Middle East fueled fresh concerns over supply disruptions and kept energy markets on edge.

WTI hit $105 a barrel during the session, extending a rally that has accelerated since the conflict involving Iran widened and shipping risks around key regional routes intensified.

International benchmark Brent crude also traded firmly above $110, underscoring persistent worries over the security of crude flows from the Gulf.

Market sentiment remained focused on the risk that prolonged conflict and disruptions around the Strait of Hormuz could further tighten global supplies.

The International Monetary Fund (IMF) said the war is dimming the outlook for many economies and that the conflict has already contributed to a major shock to global oil and liquefied natural gas flows.

The latest gains added to a broader monthly surge in oil prices, with Brent on track for one of its largest monthly advances on record as traders continued to price in geopolitical risk, possible infrastructure damage, and uncertainty over regional exports.

WTI hit $105 a barrel during the session, extending a rally that has accelerated since the conflict involving Iran widened and shipping risks around key regional routes intensified.

International benchmark Brent crude also traded firmly above $110, underscoring persistent worries over the security of crude flows from the Gulf.

Market sentiment remained focused on the risk that prolonged conflict and disruptions around the Strait of Hormuz could further tighten global supplies.