Oil Price Trend | WTI closes above $100 for the first time since 2022

International oil prices surged sharply on Monday. New York futures crude oil closed above the $100 per-barrel psychological level for the first time since 2022. Brent crude oil is expected to record the biggest single-month rise in history, and the rise in oil prices has sparked market worries about inflation.

New York futures crude oil rose $3.24, or 3.25%, at the close, to $102.88 a barrel. Brent May futures settled up 0.21 dollars, or 0.18%, at $112.78 a barrel.

On Monday, Iran’s Islamic Parliament approved a bill that plans to levy tolls on vessels transiting the Strait of Hormuz, with tankers potentially facing charges of up to $2 million.

U.S. President Trump said the U.S. is negotiating with Iran “a new, more rational regime,” adding that there has been progress, but he also warned that if the Strait of Hormuz does not resume passage, the U.S. may attack Iran’s energy infrastructure.

U.S. Treasury Secretary Scott Bessent claimed that the global oil market has a daily shortfall of about 10 million to 12 million barrels, and Washington is making up for that gap. Strategic reserves coordinated for release by the International Energy Agency (IEA) can offset about 4 million barrels of the shortfall per day. Japan told the Group of Seven (G7) that if necessary, it should be ready for further releases of oil.

South Korea’s finance minister Choi Sang-mook said that if oil prices reach $120 per barrel, South Korea is considering expanding public-vehicle driving restrictions to the general public. If the measures are implemented, it would be South Korea’s first time since the 1991 Gulf War to impose similar driving restrictions on the public. South Korea has already implemented a rotating restriction system for vehicles entering government buildings based on the last digit of their license plates.