Global oil prices climbed sharply Monday amid persistent disruptions to the Strait of Hormuz caused by the ongoing U.S.-Iran conflict, with Brent crude benchmark rising to around $113 per barrel as supply fears intensified in the fourth week of hostilities.
Brent crude futures settled near $113.52 per barrel on March 23, up about 1.18% from the previous session, according to Trading Economics data. The international benchmark has surged more than 60% over the past month and stands about 55% higher than a year ago, reflecting severe market anxiety over energy chokepoint risks. West Texas Intermediate (WTI) crude, the U.S. benchmark, traded around $99.88 per barrel, up roughly 1.68%, with intraday highs pushing past $100 in electronic trading.
