WTI crude oil futures climbed to $101.70 a barrel on Monday and were on track for a record monthly gain of more than 50% in March, as the ongoing conflict in the Middle East continued to roil energy markets. President Donald Trump threatened strikes on Iran’s energy infrastructure, overshadowing his simultaneous suggestion that a deal to end the hostilities could be close. Trump warned that if no agreement is reached soon and the Strait of Hormuz is not “immediately ‘Open for Business,’” the United States could target Iran’s power plants, oil wells, and the key export hub of Kharg Island.
Prices had already moved higher earlier in the session following the deployment of additional US troops and the entry of Yemen’s Iran-backed Houthi movement into the conflict. The war has brought traffic through the Strait of Hormuz to a near standstill, and traders caution that energy prices could spike further if the fighting persists.
