NEW YORK / Content Syndication Services / – Oil prices opened the week higher on Monday, with Brent crude futures rising to $72.49 a barrel in late trading. The global benchmark gained 50 cents, or 0.69 percent, by 2204 GMT. U.S. West Texas Intermediate crude also advanced, adding 73 cents, or 1.05 percent, to $69.96 a barrel. The move kept crude oil prices in focus for energy traders, refiners, airlines and fuel buyers.
Brent had earlier settled at $73.34 a barrel, keeping the contract above the $70 level after a volatile period for global energy markets. WTI also traded near $70, a level watched closely in the United States because it shapes pricing for fuel, transport and refining margins. Both contracts serve as key benchmarks for crude oil pricing. Brent tracks much of the global seaborne market, while WTI reflects U.S. crude conditions.
The gains came as markets monitored Middle East supply routes and shipping flows through the Strait of Hormuz. The waterway links the Persian Gulf with the Gulf of Oman and the Arabian Sea. The International Energy Agency says the route carried about a quarter of global seaborne oil trade in 2025. It also says about 80 percent of oil and oil products moving through the strait went to Asia.
Benchmark prices rise
The rise in oil prices followed recent swings tied to supply disruption, stock releases and shifting demand conditions. Brent remains the main global oil benchmark because it helps price cargoes across Europe, Asia, Africa and the Middle East. WTI remains central to U.S. oil pricing and refinery economics. Higher crude prices can raise costs for fuel producers, though retail fuel prices also depend on taxes, refining margins and local supply.
OPEC+ has also remained part of the wider market backdrop. On June 7, seven OPEC+ countries said they would implement a production adjustment of 188,000 barrels per day in July. The participating countries were Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The group said the decision related to voluntary production adjustments first announced in 2023. Oil markets continued to weigh those supply settings alongside benchmark price moves.
Supply routes watched
Energy agencies and traders continue to track the Strait of Hormuz because many Gulf producers depend on it for exports. The International Energy Agency says Saudi Arabia and the United Arab Emirates have operational crude pipelines that can reroute some flows outside the strait. It estimates the available bypass capacity at 3.5 million to 5.5 million barrels per day. Other Gulf producers rely more heavily on the waterway for oil exports.
The latest price move added to a period of rapid market shifts in crude, diesel, jet fuel and natural gas. Brent crude, WTI crude, Middle East supply routes and OPEC+ output policy remain among the most watched terms in energy markets. Monday’s figures showed both major oil contracts rising at the start of the week. Brent stood at $72.49 a barrel, while WTI traded at $69.96 a barrel.