US WTI oil prices jump over 5% as Mideast tensions fuel supply fears
Supply concerns in Middle East drive US crude higher, WTI hits $105
People are facing rising fuel prices and long queues at gas stations following disruptions in oil supply in the Middle East after attacks launched by the United States and Israel against Iran, on March 30, 2026 in Mogadishu, Somalia. As fuel costs increase, many citizens in the Somali capital are turning to public transportation to meet their daily needs, with gasoline shortages affecting mobility across the city.
Istanbul
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.
