Reimposed U.S. sanctions on Iran spark supply concerns, lifting Brent crude above $82 per barrel in Monday trading.
Oil prices surged over 8% after the U.S. announced the reinstatement of sanctions on Iran, raising fears of prolonged disruptions in the Strait of Hormuz. Brent crude climbed above $82 per barrel, while WTI surpassed $77 per barrel during afternoon trading.
The move reverses last month’s losses following a temporary ceasefire, pushing prices back to levels not seen since early September. Traders are repricing the risk of reduced Iranian exports amid heightened geopolitical tensions.
Markets reacted swiftly, with energy stocks rallying and futures contracts extending gains in after-hours trading.