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Global crude oil futures surged more than 2.5% on Monday, resuming an upward trajectory as direct military confrontations between the United States and Iran reignited supply disruption concerns across critical Middle Eastern energy corridors.

International benchmark Brent crude gained $2.39, or 2.71%, to settle at $90.49 a barrel, having tested an intraday high of $91.52 a barrel—its strongest level since 25 August.

US West Texas Intermediate (WTI) climbed $2.36, or 2.83%, to close at $85.76 a barrel.

Bullish momentum accelerated after Tehran launched overnight missile strikes against two US air bases in Jordan in retaliation for an earlier attack on Iran’s Larak Island, prompting Washington to vow severe military countermeasures. The direct exchange dashed expectations of a near-term diplomatic breakthrough as the regional conflict entered its sixth month. Upstream support was further reinforced by domestic supply tightness in the US, where Strategic Petroleum Reserve (SPR) stockpiles fell by approximately 3.1 million barrels to 286.6 million barrels, testing 44-year lows.

Physical logistics dynamics through the Persian Gulf tightened concurrently as multilateral negotiations to secure navigational arrangements through the Strait of Hormuz stalled. Vessel-tracking data showed visible daily commodity carrier transits dropped to five ships over the weekend, remaining significantly below the 10-day average of 15 carriers.

While upward momentum was partially cushioned by ongoing baseline Gulf flows and prospective Venezuelan upstream ventures involving international energy consortiums to replenish US reserves, the renewed military hostilities continue to reinflate risk premiums, placing renewed upward pressure on global bunker costs and downstream petrochemical feedstock pricing.

Written by: Aiman Haikal