Oil prices rose slightly on Monday as tensions in the Middle East persisted, with Brent crude hitting $109 a barrel—a 60% surge since the conflict began. West Texas Intermediate followed at $111 a barrel, up 66% year-to-date. Markets remained volatile despite limited trading due to holidays in Asia and Europe. President Trump intensified pressure on Iran after the U.S. rescued a downed airman, demanding Tehran reopen the Strait of Hormuz, a critical oil route. Only a few Western ships, like a French container vessel, have traversed the strait since the war started, disrupting global supply chains.

The Strait of Hormuz, which handles 20% of global oil shipments, has become a flashpoint. Attacks on energy infrastructure by Israel and Iran risk prolonging disruptions, raising fears of sustained price shocks. Meanwhile, gasoline prices soared to a national average of $4.12 per gallon, up 38% since the conflict began, while diesel hit $5.62, reflecting deeper economic strain.

Asian stocks were mixed: Japan’s Nikkei 225 gained 0.6%, but Hong Kong and Shanghai markets closed for holidays. U.S. markets, down 6% from January peaks, face uncertainty as investors monitor escalating tensions. Analysts warn that prolonged instability could deepen energy insecurity and inflationary pressures globally.

The war’s sixth week has already triggered cascading effects, from halted shipping lanes to soaring fuel costs. With no immediate resolution in sight, the Strait of Hormuz remains a linchpin in the global energy crisis.