Oil prices soared above $119 per barrel on Monday, hitting highs not seen since mid-2022, as supply cuts and concerns over extended shipping disruptions impacted global energy markets amid the escalating conflict involving the US, Israel, and Iran.

Futures for Brent crude rose $13.02, or about 14 percent, to $105.71 per barrel at 09:17 GMT, The Caspian Post reports, citing Reuters.

Meanwhile, West Texas Intermediate crude climbed $12.16, or 13 percent, to $103.06 per barrel.

During a volatile trading session, Brent earlier reached a high of $119.50 per barrel, marking the largest single-day absolute price increase on record, while WTI briefly touched $119.48. Even before Monday’s surge, Brent had gained 28 percent and WTI 36 percent over the previous week.

Prices have been driven higher by disruptions around the Strait of Hormuz, through which roughly one-fifth of the world’s oil and liquefied natural gas typically passes. The waterway is now largely shut amid the ongoing conflict. Market sentiment was also affected by the appointment of Mojtaba Khamenei as successor to his father Ali Khamenei, signaling that hardline leadership remains firmly in control in Tehran a week into the war.

Analysts warn the conflict, which began on February 28, could leave consumers and businesses worldwide facing weeks or even months of higher fuel prices. Even if hostilities end quickly, suppliers may still struggle with damaged infrastructure, disrupted logistics and elevated risks to shipping routes.

In the United States, gasoline futures surged to their highest level since 2022, reaching about $3.22 per gallon. The spike comes as Donald Trump has said the impact on American consumers would remain limited ahead of the midterm elections scheduled for November.

Governments may attempt to ease supply pressures by releasing strategic petroleum reserves. Chuck Schumer has urged the administration to take such action, while a French government source said the Group of Seven would discuss the possibility.

Supply disruptions have also emerged elsewhere in the region. Oil production from Iraq’s main southern oilfields has reportedly dropped by about 70 percent as storage capacity reached its limit. Meanwhile, Kuwait Petroleum Corporation began cutting output on Saturday and declared force majeure on shipments, although it did not disclose the scale of the reductions.