Oil prices surged Monday as Middle East tensions escalate. Israeli Prime Minister Netanyahu declared the conflict with Iran is far from over, while President Trump rejected Iran's counterproposal to end the war. West Texas Intermediate crude jumped 2.4% to $97.69 per barrel, with Brent rising 2.3% to $103.68. Both benchmarks have climbed approximately 40% since the U.S. and Israeli-led military action began on February 28. Netanyahu emphasized ongoing concerns about Iran's nuclear program, enriched uranium, and ballistic missile production. Citi analysts warn that upside risks for oil prices remain significant if negotiations stall. The critical Strait of Hormuz remains a flashpoint, with Iran controlling timing and terms for any potential reopening. Market analysts suggest crude could continue rising if diplomatic efforts fail to produce results soon.
