TOKYO – Global crude oil markets experienced significant gains Monday following the Easter weekend, driven by escalating military conflict involving the United States, Israel, and Iran that threatens worldwide petroleum distribution networks.
International benchmark Brent crude climbed $2.40 per barrel, representing a 2.2% increase to reach $111.43 by late Monday evening GMT. Meanwhile, U.S. West Texas Intermediate futures jumped $3.00 per barrel, a 2.7% surge that brought trading prices to $114.57.
The energy market volatility comes as President Donald Trump escalated tensions with Iran over the weekend. In a profanity-filled social media message posted on Easter Sunday, Trump issued ultimatums to Iranian leadership, warning of strikes against the nation’s electrical infrastructure and transportation networks by Tuesday unless the critical Strait of Hormuz waterway is immediately reopened to international shipping.
