Oil prices climb past $105 a barrel as war in Iran enters third week

The price of oil rose to its highest level since July 2022 Sunday evening as the Trump administration suggested the war with Iran could last several more weeks and President Donald Trump called on the international community for help reopening the Strait of Hormuz to oil tankers.

Brent crude, the glThe Trump administration has repeatedly tried to assuage concerns about shipping flows. Trump has said that the US will send naval forces to escort and protect oil tankers as they travel out of the Middle East. But the administration has recently conceded that it could take weeks before the Navy is prepared to begin that endeavor.obal benchmark, rose 2.9% to about $106.12 a barrel. US oil rose 2.6% to $101.53.

The US and Israel-led war in Iran has now entered its third week, causing the biggest oil disruption in history. The Strait of Hormuz, the vital waterway controlled by Iran, has been effectively shut for oil tankers to pass through since the start of the war. About 20% of the world’s oil supply flows through the chokepoint.

The Trump administration has repeatedly tried to assuage concerns about shipping flows. Trump has said that the US will send naval forces to escort and protect oil tankers as they travel out of the Middle East. But the administration has recently conceded that it could take weeks before the Navy is prepared to begin that endeavor.

Trump on Saturday in a Truth Social post asked other countries to help coordinate a reopening of the strati to restore the flow of oil, “so that everything goes quickly, smoothly, and well.”

Oil prices tend to be more volatile in after-hours trading, as speculators hedge positions when volume is lower. Last Sunday, oil nearly hit $120 a barrel before settling near $100 during the day on Monday.