Oil tops $100 as Brent and WTI surge on Iran war

Crude oil jumped above $100 a barrel in Sunday trading, posting its biggest one-day gain since 2020. Brent and WTI futures rose about 30%, pushing prices toward $120 overnight before settling around $105 for Brent and $103.50 for WTI just after 7:30 a.m. ET on Monday.

Both grades have nearly doubled so far this year. The Iran war has disrupted regional supply and prompted production cuts as storage filled following the Strait of Hormuz closure; Kuwait and the United Arab Emirates trimmed output and Iraq had already reduced production.

G7 ministers and the International Energy Agency were set to discuss a joint release of emergency oil reserves. Market participants warned that sustained prices above $100 could stoke inflation and weigh on stocks. Ed Yardeni said the shock will not end until ships can sail freely through the Strait and warned of a 1970s-style stagflation scenario.

Iran, Strait of Hormuz

oil, brent, wti, iran war, hormuz strait, production cuts, kuwait, uae, iraq, emergency reserves