By: Creamer media

Oil prices ascended on Monday as market attention refocused on intensifying geopolitical instability, despite U.S. President Donald Trump’s appeal for international cooperation to secure the Strait of Hormuz, a critical conduit for worldwide fuel transport. 

Brent crude futures increased by $1.68 percent, reaching $104.87 a barrel by 9:29 Dubai time, following a Friday gain of $2.68. U.S. West Texas Intermediate crude advanced by 1.15 percent, to $97.95 a barrel, after climbing nearly $3 in the prior session.

Both contracts have skyrocketed by more than 40 percent this month, attaining their highest levels since 2022. This surge follows tensions that obstructed navigation through the Strait of Hormuz, severing one-fifth of the global oil provision in the biggest disruption ever. On Sunday, Trump indicated he was mandating that foreign powers assist in defending the pivotal energy passage, noting that Washington is engaging with multiple states regarding patrol operations.

Additionally on Sunday, the International Energy Agency (IEA) disclosed that exceeding 400 million barrels of oil stockpiles will commence entering the market shortly. This unprecedented release is intended to mitigate price surges triggered by the conflict in the Middle East. Inventories from territories in Asia and Oceania are scheduled for immediate distribution, while supplies from Europe and the Americas will become accessible by the conclusion of March.

Nevertheless, U.S. Energy Secretary Chris Wright stated on Sunday that he anticipates a cessation of combat within the coming weeks. He forecasts that energy provisions will recover and fuel expenditures will subsequently decline.