WTI & Brent Crude Prices Jump Up

The Marsh
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WTI crossed the $70 mark for first time in seven months, and Brent crossed $80 for the first time since January 2025.

Oil futures surged on Monday as traders took stock of an escalating US-Iran conflict in the Middle East that is increasingly threatening energy infrastructure in the region.

Brent crude futures (BZ=F), the international benchmark, jumped 13% to trade above $82 per barrel in the first minutes of open trading, before paring back to $79. Meanwhile, US benchmark West Texas Intermediate crude futures (CL=F) moved up over 8% to around $72 per barrel.

Brent is trading at levels not seen since January 2025 as the conflict spreads quickly through the Gulf region, while WTI has reached levels not seen since 2025’s “12-day war” between Israel and Iran.

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JPMorgan Chase has warned that Brent crude oil prices could spike to $120 per barrel if a full-scale conflict in the Middle East leads to a sustained disruption of oil flows through the Strait of Hormuz, estimating that Gulf producers can only sustain normal production for roughly 25 days if the Strait is completely blocked, after which saturated storage would force a total shutdown of regional production.