Oil prices increased on Monday driven by US President Donald Trump's threat to attack Iran's power plants if it does not reopen the Strait of Hormuz within 48 hours.
International benchmark Brent crude traded at $108.71 per barrel at 9.47 a.m. local time (0647 GMT), up 2.2% from the previous close of $106.41
US benchmark West Texas Intermediate (WTI) increased 2.3% to $100.48 per barrel, compared with $98.23 in the previous session.
The US-Israeli military campaign against Iran enters its 24th day with reports suggesting the war against Iran may last longer than originally anticipated.
Over the weekend, Trump said the US would begin striking Iran's power plants if Tehran does not fully reopen the Strait of Hormuz within 48 hours.
On March 21, Trump gave Iran a 48-hour deadline to reopen the Strait of Hormuz - or, he said, the US will "obliterate" Iranian power plants, "starting with the biggest one first."
Meanwhile, according to reports, the US is weighing a possible ground operation to seize Kharg Island, Iran's primary oil export hub, and sped up the deployment of thousands of Marines and Navy personnel to the Middle East as part of preparations for a potential operation.
Kharg Island is known as the main terminal through which around 90% of Iran's oil exports are shipped.
Iran, for its part, warned that it would target energy facilities in the region, including those of the US and Israel, if its own energy infrastructure is attacked.
International credit rating agency Fitch Ratings warned that a prolonged closure of the Strait of Hormuz could significantly drive up oil prices.
According to its scenarios, if the strait remains closed for six months, Brent crude could average $120 per barrel in 2026. If the closure lasts three months, prices are expected to hover around $100.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr