Oil hits $104 as the U.S. pushes allies to help reopen the Strait of Hormuz

Brent crude climbed above $104 a barrel Monday morning, as the Trump administration pressed allied governments to help protect oil tanker traffic through the Strait of Hormuz and threats against Iranian export facilities kept traders on edge. West Texas Intermediate approached $99, after briefly crossing $100.

Both contracts are up more than 50% over the past month, trading at levels not seen since 2022, according to CNBC. Brent closed above $100 for the first time in four years last week, gaining more than 11% for the week, according to The New York Times. WTI rose about 9% last week.

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Consumers are getting more worried as war in the Middle East drags on

Goldman Sachs says oil has a $100 problem

At the pump, the national average for regular gasoline reached nearly $3.72 a gallon Monday — up 25% since the war began, according to The Times. Diesel stood at $4.99, a 33% increase over the same period.

Energy Secretary Chris Wright said over the weekend that the U.S.-Israel war against Iran will come to an end within a few weeks, though he offered no assurances that oil prices would fall soon. “There’s no guarantees in wars at all,” Wright told ABC News. He also defended the administration’s handling of the Strait closure, saying the disruption was anticipated. “We were very aware, very aware that we would have short-term disruption,” Wright said.

President Donald Trump said over the weekend that he was in talks with allies about securing the Strait and that other countries would send warships to help reopen it, though such commitments have yet to materialize.

Oil has remained above $100 even after more than 30 countries agreed to tap emergency stockpiles, releasing a combined 400 million barrels in the largest coordinated reserve action on record. The U.S. portion amounts to 172 million barrels from the Strategic Petroleum Reserve. The IEA, which is managing the effort, said Asian members will begin drawing down supplies immediately; releases from Europe and the Americas are expected by late March.

The rapid rise in oil prices has upended Trump’s goal of pushing crude to $50 a barrel and left the administration with limited tools to cushion the impact on American consumers.

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