WTI crude futures rose toward $99 per barrel on Monday after climbing as high as $102.40 per barrel to their highest level since July 2022, following US strikes on military sites on Kharg Island as the Middle East conflict entered its third week. US 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. The narrow waterway linking the Persian Gulf with global markets has remained effectively shut since the conflict began, with Iran’s new supreme leader pledging last week to keep the strait closed if hostilities continue. Meanwhile, traders assessed reports that the US will soon announce a coalition of countries to escort ships through the waterway. Highlighting pressure on global supply, the IEA said Sunday that oil from last week’s record 400-million-barrel reserve release will be made available immediately in Asia.
