Global oil markets stayed relatively calm on Sunday, mainly because it was the weekend and trading was limited. But many experts expect prices to jump again when markets reopen on Monday, due to rising tensions in the region.
According to recent reports, Brent Crude ended last week at around $113 per barrel—levels not seen in years. At the same time, West Texas Intermediate moved close to $105 per barrel.
These price increases are being driven by the ongoing conflict in the Middle East and disruptions in key shipping routes, especially the Strait of Hormuz. Because so much of the world’s oil passes through this narrow route, any disruption quickly pushes prices higher.
In fact, oil prices have already risen by more than 36% during March alone.
Analysts say that if the situation continues to escalate, and there are no signs of de-escalation, prices could climb even further—possibly reaching close to $150 per barrel.
Such a spike would have serious consequences. Countries that import oil would face higher costs and economic pressure, while exporting countries—especially Iraq—could see major financial gains.
In short, the market is on edge. What happens next in the region will likely decide how high oil prices go in the coming days.
