Crude futures posted their biggest daily gain since April after U.S. announced shipping fees and blockades in the Strait of Hormuz.
Crude oil futures jumped 9.42% to settle at $78.14, the largest one-day gain since April 29, driven by escalating geopolitical risks. President Trump imposed a 20% transit charge on ships exiting the Strait of Hormuz and announced a blockade of Iranian vessels, heightening supply disruption fears.
The rally pushed prices above the 200-day moving average at $74.21, with the session ranging from $72.61 to $78.45. Resistance now sits near $78.48, a key retracement level, with further upside targets at $79.18 and $82.00 if momentum continues.
Early trading saw prices ease to $77.51, though crude remains up $6.03, or 8.4%, from Friday’s close. Reports of strikes near a Saudi airport added to concerns over broader conflict risks in the region.