New Delhi: Crude oil prices recorded a sharp jump on Monday morning. WTI prices went up about 3.20%, after which it crossed $102 per barrel. Meanwhile,
Brent crude prices appreciated by 3.20% to reach $116 per barrel. This is the highest level of oil prices since July 2022.
Amid the ongoing US-Israel and Iran war in West Asia, speculation has intensified that the United States may deploy ground forces in Iran. Also, attacks by Houthi rebels in the Red Sea have increased the risk of disruption in oil supply.
Meanwhile, natural gas recorded a declined of around 3%. Gasoline prices have also risen by 2.28%.
Crude oil opened the week around 3% higher, trading above $102 per barrel, marking its highest level since July 2022 amid intensifying geopolitical risks. The Middle East conflict has entered its fifth week, with escalation driven by Houthi attacks on Israel and threats to key energy routes like the Red Sea. Additional US troop deployment and potential ground operations in Iran have heightened fears of prolonged disruption. Markets are increasingly pricing in supply risks, especially as critical transit points like the Strait of Hormuz—handling nearly 20% of global oil flows—face ongoing instability.
US Natural Gas price
US natural gas futures declined to $2.93 per MMBtu on Monday, ending a four-session rally as updated forecasts signaled slightly cooler weather, though still above seasonal norms through March-end. The EIA reported a larger-than-average storage withdrawal last week, likely the final draw of the winter season. While the Middle East conflict has pushed global LNG prices higher due to disruptions from Qatar, US prices remain contained as domestic production meets consumption needs. Additionally, LNG export terminals are operating at full capacity, limiting the ability to capitalize on higher international prices.
