Oil prices surged past the $105 threshold on Friday as an escalating maritime standoff between Iran and the United States in the Strait of Hormuz rattled global energy markets.
The US nearly became a net crude exporter for the first time since World War Two, as exports surged toward record levels to meet rising demand from Asia and Europe replacing disrupted Middle East supplies.
Oil prices fell below $100 a barrel this morning (April 14) over signs of new US-Iran dialogue to end their war. Brent crude was at $97.8 in early trade, while US WTI crude was at $96.83.
Kuwait has raised the official selling price for Kuwait Export Crude to Asia in May to $17 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed.
Iran continued its near-total blockade of the Strait of Hormuz despite US President Donald trump saying Tehran must allow oil to go through the waterway.
Oil prices declined from an early trade of over $119 a barrel, a peak since 2022, caused by Saudi Arabia and other OPEC members cutting supplies due to disruptions from the expanding US-Israeli war with Iran.
Oil prices surged nearly 30% to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Oil prices continued their upward climb on Monday, as markets focused on escalating geopolitical risks in the Middle East despite renewed assertions by US President Donald Trump that talks with Iran remain under way and could still lead to a diplomatic breakthrough.
Global oil prices surged on Monday as escalating hostilities in the Middle East rattled energy markets, raising fears of a prolonged supply disruption from one of the world’s most critical oil-producing regions.
US President Donald Trump said on Friday American forces had destroyed military targets on Iran’s Kharg Island, Tehran’s main oil export terminal, while warning he could also target the island’s petroleum infrastructure if Iran or its allies continue threatening shipping through the Strait of Hormuz, sending fresh tremors through oil markets.
