Oil rises again as Brent hits $106 and WTI reaches $100
Brent crude rose to $106 a barrel and West Texas Intermediate (WTI) climbed to over $100 as oil prices moved higher on concerns the U.S. conflict with Iran could drag on.
The increase comes after futures trading resumed at 6 p.m. ET on Sunday, with U.S. crude up more than 2% at around $102 a barrel and Brent also rising nearly 3%.
Trump said Friday that U.S. strikes hit Kharg Island, Iran’s main oil export terminal in the Persian Gulf, without damaging oil infrastructure.
“I have chosen NOT to wipe out the Oil Infrastructure on the Island,” Trump said. “However, should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision.”
Oil prices had already surged earlier in the conflict as shipping through the Strait of Hormuz was disrupted. The waterway, off Iran’s southern coast, carries a significant share of the world’s oil trade.
Brent crude nearly reached $120 a barrel last week before falling back. Sunday’s rise put Brent at its second-highest level since that spike.
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Ella Rae Greene, Editor In Chief
