Oil Prices Jump Above $110 as Hormuz Closure Fears Deepen Amid Iran War
Casablanca – Oil prices opened higher Sunday, with both global benchmarks pushing well above the symbolic $110-a-barrel mark as markets remain on edge over the prolonged war in the Middle East and the near-total closure of the Strait of Hormuz, one of the world’s most critical energy chokepoints.
By 22:45 GMT, US West Texas Intermediate (WTI) for May delivery was up 2.89% at $114.76 a barrel, while North Sea Brent for June gained 2.04% to $111.26. Minutes after trading began, WTI briefly climbed as high as $115.48, nearing the $119.48 peak reached earlier in the conflict.
Recent market data also showed crude around $113.73 on April 5, up more than 25% over the past month, reflecting how sharply the war has tightened supply fears.
The latest jump came after Donald Trump renewed threats Sunday to strike Iranian energy infrastructure and bridges if Tehran does not reopen the Strait of Hormuz by Tuesday at midnight GMT.
At the same time, Trump told Fox News there were still “good chances” of reaching an agreement with Iran, while not ruling out the deployment of ground troops.
The Strait of Hormuz, which links the Persian Gulf to the Gulf of Oman, normally carries about 20% of global oil and natural gas production. It has been almost entirely shut since the start of the war, and the disruption has now stretched beyond a month.
Read also: Rising Fuel Costs Put Pressure on Morocco’s Economy
This prolonged squeeze is already feeding through to consumers. Wholesale diesel prices in Singapore have hit record highs, while US retail fuel prices are steadily approaching the June 2022 records seen in the early months of Russia’s invasion of Ukraine. In several countries, the supply crunch has already led to gasoline and diesel shortages.
In Morocco, the impact is already visible at the pump, where fuel prices have risen sharply in recent weeks as the country remains heavily dependent on imported energy. Recent local reports show diesel and gasoline prices climbing by around MAD 2 per liter since mid-March, pushing pump prices in several cities close to levels last seen during the 2022 Ukraine-driven energy shock.
The government has also stepped in to absorb part of the pressure, allocating more than MAD 1.6 billion a month to support butane, electricity, and transport costs as global supply disruptions continue to ripple through the domestic market.
The comparison with 2022 is becoming harder to ignore. During the Ukraine supply shock, Brent had surged to $139.13 a barrel and WTI to $130.50.
With Hormuz still largely closed and traders reacting to every military and political headline, analysts now warn prices could climb toward $150 if the standoff continues through the coming weeks.
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