Brent crude oil rose to its highest level in 14 months on Monday, briefly touching $82 a barrel as the escalating military conflict in the Middle East triggered alarm about global supply security. The spike — representing a gain of as much as 13% from Friday’s closing price — reflected the severity of the disruption facing both current oil exports and the broader infrastructure that supports global energy markets.
The immediate supply concern centred on the Strait of Hormuz. Iran reportedly warned tankers against entering the strait following military strikes, and two vessels were attacked in the waterway over the weekend. Marine tracking systems confirmed that tankers were backing up on both sides of the strait, creating a significant bottleneck for one of the world’s most important energy shipping routes. The strait carries approximately one-fifth of global oil supplies, making any sustained closure a serious market event.
Additional upward pressure on prices came from the shutdown of Qatari LNG production. QatarEnergy confirmed that it had halted operations at its Ras Laffan and Mesaieed facilities following drone attacks. Although LNG and oil are different commodities, the disruption to Qatar’s energy output sent a broader signal about the scale of the supply shock facing the market. Gas prices surged 40% or more in European markets in response.
Despite partly retreating from its initial highs, Brent crude ended the Monday session approximately 6% higher at around $77 a barrel. Analysts warned that the price could climb further — potentially exceeding $100 — if the Strait of Hormuz remains closed for an extended period. OPEC+ had agreed to a modest production increase, but with much of the additional output located in the Middle East, it faces the same export bottlenecks as existing production.
Energy markets have not seen disruption of this scale since the 2022 crisis triggered by geopolitical events in Europe. The combination of blocked shipping, halted LNG production, and an uncertain military outlook creates a complex challenge for global energy planners and policymakers. For consumers, the most visible consequence is likely to be higher prices for gas, electricity, and petrol in the weeks and months ahead.