- US strikes on Iran's Kharg Island raised crude oil prices in early Asian trading hours
- WTI futures peaked at $102.4 and Brent traded near $104 per barrel amid Gulf conflict
- Trump warned Iran's energy infrastructure could be targeted if it threatens Strait of Hormuz
Crude Oil Prices Today: International oil prices remained elevated during Asian trading hours early Monday following US strikes on military assets on Iran's Kharg Island over the weekend as the conflict in the Gulf entered its third week.
West Texas Intermediate futures, the US benchmark, climbed to as high as $102.4 per barrel before turning lower. Global benchmark Brent traded around $104 a barrel after earlier adding as much as 3.3%.
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Iran carried out retaliatory attacks on Israel and Arab states after the US struck military sites on Kharg Island, which handles the bulk of the country's oil shipments. President Donald Trump also warned that Iran's energy infrastructure on the island, which handles roughly 90% of the country's oil exports, could be targeted if Tehran interferes with transit through the Strait of Hormuz.
He told reporters that he is "demanding" other countries contribute to the defense of the Strait, the vital maritime gateway linking the oil and gas of the Persian Gulf to international markets. Washington has asked oil-importing allied countries like China and Japan to send warships to the Strait to help allow safe passage for tankers that ship a fifth of the global oil and seaborne liquefied natural ‌gas. Trump has ordered the US Navy's Fifth Fleet to escort ships to deter Iranian attacks.
ALSO READ: What Do Different Crude Oil Prices Mean For India's Inflation And Households?
The bombing of Kharg Island added to the scope of the conflict, which the International Energy Agency last week said has already caused the largest supply disruption in the history of the global oil market. Traffic through Hormuz has remained at a near-standstill since fighting began.
The United Arab Emirates resumed loading operations at the key hub of Fujairah on Sunday, a day after a drone strike caused interruption and choked off shipments from the country's only export route while the strait stays blocked.
Brent rallied 11% last week, hitting a high of $119.50 a barrel — back toward levels seen after Russia's invasion of Ukraine — before closing just above $103.
ALSO READ: No End To Iran War: Trump Says Terms Not 'Good Enough Yet' For Ceasefire
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