Crude benchmarks jumped more than 6% on Monday as Middle East tensions revived fears of supply disruption. Brent topped $80 and WTI climbed back above $75, driven by a Houthi attack on a Saudi airport and renewed U.S.-Iran friction.
Oil futures climbed sharply on Monday, with both major benchmarks gaining more than 6%. The move in oil tracked fresh concern about disruptions to global supply from a critical energy-producing region.
Benchmarks post their sharpest move in months
September Brent crude rose $4.63, or 6.1%, to $80.64 a barrel, its largest percentage increase since April 2, according to Dow Jones Market Data. August West Texas Intermediate advanced $4.39, or 6.2%, to $75.80 a barrel, its biggest one-day dollar gain since June 1.
A Saudi airport strike sets off the rally
The move followed reports that Yemeni Houthi militants attacked a Saudi airport, raising concern about disruptions to a region that anchors global energy production. As the news spread, Brent traded above $78 and WTI rose to roughly $73.11 to $73.26. Prediction-market pricing put a 17% probability on WTI hitting $90 in July.
Trump's blockade threat adds pressure
Later in the session WTI reached $75.87, a nearly 6% rise from a previous close of $71.44. Crypto Briefing tied the advance to President Trump's vow to reimpose a blockade on Iranian vessels, following a series of U.S.-Iran military exchanges and missile threats from the Ansarallah group aimed at Saudi Arabia. Markets reacted to fears of disrupted flows through the Strait of Hormuz and wider regional instability.
Sources: MarketWatch (snippet-based), Crypto Briefing, Crypto Briefing
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