Oil settles up 9% as Iran vows to keep Strait of Hormuz closed

US West Texas Intermediate crude settled at US$95.70, up US$8.48 or 9.7%. It will not happen quickly,” said Jim Burkhard, vice president and global head of Crude Oil Research at S&P Global Energy. Global oil prices are unlikely to hit US$200 a barrel, Wright said, even as Iran continues to strike merchant ships. On Monday, Brent hit US$119.50 a barrel, its highest since mid-2022, then dropped after US President Donald Trump said the Iran war could be over soon. Hezbollah's attack also raised fears about Yemen's Houthis joining the war alongside Iran, which could further disrupt Red Sea shipping.