Oil prices climbed sharply in early trading today, driven by persistent concerns over Middle East supply disruptions. Front-month WTI crude oil futures rose 2.1% to $95.43 per barrel, while front-month Brent crude oil futures gained 1.95% to $102.16 a barrel. The rise reflects ongoing worries despite President Trump's public pressure on allies to help reopen the Strait of Hormuz. ING's Warren Patterson, head of Commodities Strategy, noted in a research report that while the U.S. administration has discussed insurance guarantees and naval escorts, neither has materialized.

Patterson suggested significant disruptions are likely to persist at least until March, when naval escort deployments were rumored to begin. The lack of concrete action from key allies is keeping supply fears high.