By Emmanuel Bobby
U.S. crude oil prices climbed above $100 per barrel on Sunday, continuing a sharp rise as the war involving the United States, Israel, and Iran shows no sign of ending soon.
When oil futures trading resumed Sunday evening, West Texas Intermediate crude oil jumped more than 2%, reaching about $102 per barrel. The international benchmark Brent crude also surged, rising to around $106 per barrel.
Record Emergency Oil Release Fails to Calm Markets
Earlier this week, the International Energy Agency, which includes 32 member countries, unanimously agreed to release 400 million barrels of oil from emergency reserves — the largest coordinated release ever.
Lawmakers, investors and consumers had hoped the move would lower prices and stabilize energy markets. Oil briefly fell below $80 per barrel after the announcement, but prices soon resumed climbing.
Since the conflict began, U.S. crude prices have increased by nearly 50%. Overall, the cost of U.S. oil has risen close to 75% so far this year.
Gas Prices Climb Across the United States
Rising crude prices are also pushing up fuel costs for consumers.
The national average price for a gallon of unleaded gasoline reached about $3.70 on Sunday — roughly 70 cents higher than when the U.S. and Israel launched widespread strikes on targets in Iran.
Retaliatory Iranian attacks across the region targeting ships, ports and energy infrastructure have intensified concerns that the conflict could evolve into a prolonged regional war.
Strait of Hormuz Closure Raises Global Supply Fears
A major factor behind rising prices is the closure of the Strait of Hormuz, a critical shipping route through which more than 20% of the world’s oil supply passes.
The disruption has shaken global energy markets and raised fears about supply shortages.
Energy analysts warn that reopening the waterway will be essential to stabilizing prices.
“The only way this crisis abates is if we can reopen the Strait of Hormuz and reassure shipping companies that their tankers won’t be attacked,” said commodities strategist Helima Croft.
U.S. Intensifies Pressure on Iran’s Oil Infrastructure
On Friday, U.S. forces struck Kharg Island, a key Iranian facility in the Persian Gulf that handles about 90% of the country’s oil exports.
President Donald Trump said the strikes did not damage the island’s oil pipelines or export infrastructure, but he suggested additional strikes could occur.
Trump also said he was not ready to negotiate a cease-fire with Iran and has asked multiple countries to help secure the Strait of Hormuz.
The White House has discussed the possibility of naval escorts for oil tankers, though no final plan has been announced.
Officials Warn Higher Prices Could Continue
Energy Secretary Chris Wright said it could take weeks before international forces are able to safely escort ships through the Strait of Hormuz.
When asked whether the strait is currently safe for ships, Wright responded: “No, it is not.”
He added that restoring safe passage for tankers is a key objective of the conflict’s end.
Until that happens, Wright warned, global oil prices are likely to remain elevated.
Analysts Warn $100 May Only Be the Beginning
Energy experts say the $100-per-barrel level may simply be the next milestone rather than the peak.
Industry analyst Andy Lipow said prices could rise even higher if the conflict drags on, oil production slows and tankers remain unable to transport crude due to the disruption in the Strait of Hormuz.
“The psychological level of $100 oil may just be a short-term price target,” Lipow said, “as the conflict continues and supply routes remain constrained.”
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