WTI crude rose 7.5% to $90.17 per barrel on Sunday after Iran accused the United States of breaking a ceasefire that had held since early April.
Brent crude, the global benchmark, climbed 6.5% to $96.27 per barrel in the same period, reflecting heightened fears over supply disruptions in the Gulf.
The price jump followed the USS Spruance firing on an Iranian-flagged cargo ship in the Gulf of Oman that attempted to evade a US naval blockade near the Strait of Hormuz.
Iran’s military vowed a response, while the Pentagon confirmed it had seized the vessel, an action President Trump announced publicly on Sunday.
The Strait of Hormuz, through which about 20% of global oil trade passes, has been effectively closed since the start of the US-Israeli conflict with Iran, according to military assessments cited in both reports.
Before the conflict, Brent traded below $70 per barrel; it peaked near $120 on March 9 as war risks escalated.
Asia, which depends on the strait for roughly 90% of its energy imports, has borne the brunt of the shock, with governments imposing emergency conservation measures.
Singapore and Thailand urged citizens to reduce air conditioning apply, while China limited fuel price increases despite a 20% jump in pump prices, relying on reserves estimated at three months of imports.
For more on this story, see IMF warns finance ministers of economic panic from Iran war.
Airlines across the region have activated contingency plans for soaring jet fuel costs, echoing warnings from the International Energy Agency that Europe may have less than six weeks of jet fuel remaining if flows remain blocked.
In the UK, petrol and diesel prices eased slightly at the end of last week after a period of sharp increases, offering a temporary reprieve for consumers.
US Energy Secretary Chris Wright told CNN that returning gasoline prices below $3 a gallon is uncertain, suggesting it might not occur until 2027.
Iranian state media said Tehran has no current plans to resume talks with the US, hours after Trump announced he was sending negotiators to Islamabad.
Senator John Kennedy of Louisiana criticized Trump’s rhetoric toward Pope Leo XIV, calling the administration’s stance a “holy war” despite his personal support for the president.
This follows our earlier report, China hits 5% first quarter growth target despite Iran war disruptions.
Pope Leo XIV responded that he had no interest in debating Trump over the Iran conflict but would continue advocating for peace.
How much of the world’s oil supply moves through the Strait of Hormuz?
Approximately 20% of global oil trade and a similar share of liquefied natural gas shipments transit the Strait of Hormuz, making it a critical node in global energy markets.
Why are Asian countries disproportionately affected by the Hormuz disruption?
Asia relies on the strait for around 90% of its energy imports, leaving it highly vulnerable to any blockade or shipping delays in the region.