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(Reuters) – U.S. crude futures rose more than 20% in early trade on Monday, hitting their highest since July 2022, as the expanding U.S.-Israeli war with Iran fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz.
U.S. West Texas Intermediate (WTI) crude futures gained as much as $20.34 a barrel and were up $14.83, or 16.31%, at $105.73 as of 2220 GMT. They rose as much as 22.4% to $111.24 earlier in the session.
The benchmark contract climbed 12% on Friday and has surged 36% over the past week.
Iran on Monday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signaling that hardliners remain firmly in charge in Tehran a week into its conflict with the United States and Israel.
Israel’s military said it hit Iranian commanders in the Lebanese capital early on Sunday, expanding the scope of its campaign to the heart of Beirut after days of strikes that have left nearly 400 people dead.
The war could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and elevated risks to shipping.
Reporting by Yuka Obayashi; Editing by Sam Holmes
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