WTI Jumps as Hormuz Threats Rise

WTI crude oil futures jumped more than 3% to above $105 per barrel on Monday as Middle East tensions intensified, with Iranian missiles targeting the United Arab Emirates and Tehran signaling tighter control over the Strait of Hormuz. Energy infrastructure and tankers were hit again, marking a sharp escalation and deepening concerns over disrupted global supply and potential economic fallout. The UAE said it intercepted incoming missiles and reported a fire at its Fujairah oil hub, one of the first major infrastructure hits in weeks, while a tanker was also struck by drones near the strait. Iran added that it fired warning shots at US Navy vessels approaching the area. The developments followed US President Donald Trump’s plan to restore shipping through the route and assist stranded vessels, though shipowners remain cautious amid safety risks. US Central Command said two American flagged ships have passed through as efforts to reopen traffic continue.