Global oil prices slipped on Monday as markets reacted cautiously to the escalating Middle East crisis, even as calls intensified for stronger international efforts to protect energy shipments moving through one of the world’s most critical oil transit routes.
The tension centres around the strategic Strait of Hormuz, a narrow but vital maritime corridor linking the Persian Gulf to global oil markets.
The conflict involving Iran has heightened fears that tanker movements through the passage could face prolonged disruption, threatening global crude supplies.
As at the time of writing (10:00 pm WAT), oil benchmarks were trading lower despite the ongoing geopolitical tension. West Texas Intermediate crude stood at $94.14 per barrel, reflecting a 4.63 per cent decline, while Brent crude traded at $100.70 per barrel, down 2.36 per cent.
In the Middle East market, Murban crude dropped to $106.60 per barrel, representing a 6.76 per cent fall, while natural gas prices also slipped to $3.031, marking a 3.19 per cent decrease.
Amid the growing crisis, the United States is reportedly preparing to form a multinational coalition aimed at escorting oil tankers through the Strait of Hormuz to ensure the safe movement of energy shipments.
Speaking on the development, Donald Trump urged oil-importing countries that depend on crude transported through the passage to join the initiative, arguing that nations benefiting from the route should help protect it from disruption.
The push for a coalition comes as the regional conflict continues to spread across the Middle East, with neighbouring Iraq already reporting attacks near the Baghdad International Airport complex, highlighting the broader instability that could further shake global energy markets.