Crude futures rose by almost 4pc in Asian trading on Monday, after US president Donald Trump threatened to destroy Iran’s oil export facilities.
The Nymex April WTI contract rose by 3.8pc to $102.44/bl shortly after trading started. The WTI contract briefly spiked to over $119/bl on 9 March but otherwise has not traded above $100/bl since 2022.
Front-month May Ice Brent futures rose by 3.3pc to a high of $106.50/bl.
The US “totally obliterated” military targets on Kharg Island, Iran’s main oil export facility, but has so far left oil infrastructure intact, Trump said late on 13 March.
Trump threatened to target oil facilities should Iran continue to interfere with passage through the strait of Hormuz.
Iranian foreign minister Abbas Araghchi said on Sunday that his country will retaliate against the UAE for hosting the US attacks on Kharg.
Futures rose despite more details emerging of the IEA’s largest-ever stock release. The 412mn bl release will comprise more than 70pc crude, while Asian members of the group will make their share — around 65mn bl of crude and 43mn bl of products — available immediately, the IEA said on 15 March.