Oil Prices Rise: Brent Up 1% to $113.32, WTI Up 2.8% to $101.01 Amid Tensions

AI Summary

On Monday, Brent crude futures rose 1% to $113.32 per barrel, while U.S. West Texas Intermediate crude increased 2.8% to $101.01 amid escalating tensions in the Middle East after President Trump's ultimatum to Iran regarding the Strait of Hormuz. Goldman Sachs revised its oil price forecasts, projecting Brent to average $110 in March and April from a previous $98, a 62% increase from the 2025 annual average. The Strait of Hormuz, responsible for 20% of global oil supplies, remains partially closed, contributing to potential supply shocks and rising inflationary concerns. U.S. natural gas prices also saw a 0.9% increase, trading at $3.123 per million British thermal units.