At the beginning of trading on Monday, March 9, Brent crude oil futures in Europe rose by nearly 20%, reaching $111.04 per barrel (159 liters), as reported by Reuters.
Meanwhile, American West Texas Intermediate (WTI) oil futures increased by 16.8%, reaching $106.17, with a peak value of $111.24 during the session.
On March 6, the Brent crude oil price for May delivery exceeded $90 per barrel for the first time since April 2024, while before the start of military actions against Iran on February 28, the price was around $70.
The key factor in the oil market remains concerns about the prolonged closure of the Strait of Hormuz, through which about 20% of global oil supplies typically pass. This route is also important for transporting liquefied natural gas, especially from Qatar.
In light of the unstable situation in the oil market, U.S. Treasury Secretary Scott Bessen stated on March 6 about the possibility of easing sanctions on Russian oil that is already on tankers. On the same day, the U.S. granted Indian refineries a 30-day exemption from the ban on purchasing Russian oil to ensure oil supply to the global market.
U.S. President Donald Trump, commenting on the price increase, stated that the short-term rise is a "minor cost" for eliminating the Iranian nuclear threat. He noted on the social network Truth Social that "the short-term rise in oil prices, which will soon disappear after the elimination of the Iranian nuclear threat, is a small price for safety and peace for the U.S. and the entire world."
"ONLY FOOLS THINK OTHERWISE!" he added.
On March 7, Israel attacked oil facilities in Iran for the first time, striking five energy sites in Tehran and its surroundings. In response, the Islamic Revolutionary Guard Corps (IRGC) threatened to attack oil installations in Persian Gulf countries. "If you can tolerate oil prices above $200 a barrel, keep playing," a representative of the IRGC was quoted by The Guardian.
