Business 5 April 2026 Daily Monitor (Uganda)
Oil Prices Surge Amid US-Israel-Iran Conflict Disrupting Middle East Supplies
Oil prices rose sharply on Monday due to ongoing supply fears from the US-Israeli war with Iran, which has closed the Strait of Hormuz and disrupted shipping. Brent crude climbed 1.6% to $110.74 per barrel, while WTI gained 0.6% to $112.25. Source: https://www.monitor.co.ug/uganda/news/world/oil-prices-rise-as-us-israeli-war-with-iran-continues-to-disrupt-supply-5414206
Global oil markets saw significant gains on Monday as fears mounted over supply disruptions in the Middle East caused by the escalating US-Israeli conflict with Iran.
Brent crude futures increased by $1.71, or 1.6%, reaching $110.74 a barrel early in the session. Meanwhile, US West Texas Intermediate (WTI) crude rose $0.71, or 0.6%, to $112.25 per barrel.
The Strait of Hormuz, a vital route for oil from major producers like Iraq, Saudi Arabia, Qatar, Kuwait, and the UAE, remains largely shut due to Iranian attacks on shipping since the war started on February 28.
President Donald Trump intensified tensions on Sunday, threatening strikes on Iran’s power plants and bridges if the strait isn’t reopened by Tuesday. Despite this, a few vessels from friendly nations, including Omani, French, and Japanese ships, have navigated the strait since Thursday.
OPEC+ agreed on Sunday to boost output by 206,000 barrels per day in May, but key members face challenges ramping up production amid the conflict. Russia’s exports have also been hit by Ukrainian drone strikes on its Ust-Luga terminal, though operations resumed over the weekend.
Refiners worldwide are scrambling for alternatives, with strong demand for US Gulf Coast and UK North Sea crude driving prices higher.
Peace efforts appear stalled, as Iran refuses meetings with US officials in Islamabad, per reports.
Source: Daily Monitor (Uganda)