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ConfirmedShipping, energy & marketsBackgroundChicago, United States

Oil tops $100 for the first time since 2022 and nears $120 as markets reopen

Mountain Time
Local time
5:42 PM in Chicago
Where
Chicago, United States

Brent crude traded at $101.19 as futures reopened Sunday evening, up 9.2% from Friday, then spiked to $119.50 early Monday before easing; U.S. crude peaked at $119.48. Japan's Nikkei 225 fell more than 6% soon after the open and South Korea's Kospi sank more than 8% at one point, triggering a trading halt.

Why it matters

About a fifth of the world's oil normally moves through the all-but-halted Strait of Hormuz, and prices eased only on reports that G7 nations were weighing emergency stock releases.

Sources (4)

Confidence: Corroborated by independent sources or direct evidence. About confidence labels