Global energy markets saw sudden turbulence on Monday after a new warning from US President Donald Trump triggered fears of fresh instability in West Asia. Brent crude oil prices jumped more than 2% and crossed $82.30 per barrel, while US West Texas Intermediate (WTI) also rose above $78 per barrel.
This sharp rise comes after weeks of decline in oil prices, when hopes of peace talks between the United States and Iran had pushed crude down from earlier highs near $120 to a range of $73–$81. However, renewed political tension has quickly reversed market sentiment.
Why did oil prices suddenly rise again?
The main reason behind the spike is Trump’s strong warning linked to ongoing West Asia tensions. He said the United States could take direct military action if Hezbollah continues attacks on Israel. This statement has raised concerns that the fragile peace talks between Washington and Tehran may collapse.
What is happening in the Strait of Hormuz situation?
The situation around the Strait of Hormuz has also increased pressure on oil markets. Iran recently claimed it had closed the key oil shipping route, though tanker movement reportedly continued normally over the weekend.
Trump further warned that any attempt to block the Strait of Hormuz would lead to serious consequences. Since nearly a fifth of global oil supply passes through this route, even small disruptions can shake global prices.
What are market experts saying?
Commodity analysts say oil prices were stabilizing in recent weeks due to hopes of a peace deal. But the latest political statements have once again created uncertainty.
City-wise petrol price in India today
New Delhi Rs 102.12, Kolkata Rs 113.47, Mumbai Rs 111.18, Chennai Rs 107.87, Gurgaon Rs 102.80, Noida Rs 102.12, Bangalore Rs 110.89, Bhubaneswar Rs 108.89, Chandigarh Rs 101.54, Hyderabad Rs 115.69, Jaipur Rs 113.15, Lucknow Rs 101.86, Patna Rs 114.24, Thiruvananthapuram Rs 115.49.
City-wise diesel price in India today
New Delhi Rs 95.20, Kolkata Rs 99.82, Mumbai Rs 97.83, Chennai Rs 99.66, Gurgaon Rs 95.47, Noida Rs 95.56, Bangalore Rs 98.80, Bhubaneswar Rs 100.60, Chandigarh Rs 89.47, Hyderabad Rs 103.82, Jaipur Rs 98.22, Lucknow Rs 95.36, Patna Rs 100.20, Thiruvananthapuram Rs 104.42.
First published on: Jun 22, 2026 10:12 AM IST
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