Crude oil has surged on Monday as concerns of a deeper escalation in the Middle East rise, with Iran still reluctant to open the Strait of Hormuz despite being served another ultimatum by the U.S. that expires tomorrow.
WTI Crude Oil for May delivery was last seen trading up by $1.39 (or 1.25%) at $112.93 per barrel.
Since the gulf war began on February 28, Iran effectively closed the Strait of Hormuz, a narrow shipping seaway through which nearly 20% of the global oil and natural gas supply from Arab nations to the rest of the world takes place.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.