Oil Prices Surge on Strait of Hormuz Tensions, Trump Comments

Oil prices surged on Monday, driven by escalating tensions in the Strait of Hormuz and comments from U.S. President Donald Trump acknowledging that high gasoline prices may persist. West Texas Intermediate (WTI) crude was trading at $97.87 per barrel, a gain of $1.30 or 1.35%, according to live price data. The international benchmark Brent crude saw a sharper rise, trading at $97.86, up $2.66 or 2.79%.

The primary catalyst for the market move was a U.S. military operation targeting Iranian oil exports. According to a report from OilPrice.com, President Trump has instructed the Navy to interdict vessels that have paid a toll to Iran for passage through the Strait of Hormuz, a critical global oil chokepoint. U.S. Central Command later clarified the operation would target all maritime traffic entering or exiting Iranian ports.

This action followed a collapse in ceasefire talks between the United States and Iran, OilPrice.com reported. The report noted that oil prices jumped nearly 6% earlier in the day, with Brent crude for June delivery briefly surpassing $101 per barrel and WTI for May delivery topping $102.

In an interview with Fox News, President Trump stated that gasoline prices could "stay the same, or maybe a little bit higher" through the November 2026 midterm elections, framing it as a "very small price to pay" for long-term global safety. The U.S. national average for gasoline was $4.125 per gallon on Monday, up significantly from $3.189 a year ago, according to the source.

For Bakken operators in North Dakota, the rise in headline crude prices is a direct positive for wellhead revenue, provided the regional Bakken differential remains stable. The live price data showed the Bakken differential as undefined against WTI, a key metric that local producers monitor closely. Sustained higher oil prices improve cash flow and can support increased drilling and completion activity in the basin, though operators remain cautious of geopolitical volatility.

Meanwhile, natural gas prices showed minor weakness, trading at $2.62 per MMBtu, down two cents from the prior settlement. This continues a trend of oil-price movements dominating the financial landscape for Bakken producers, whose operations are primarily geared toward crude output.

The sharp price increase reverses a recent brief dip and injects new uncertainty into the market. Analysts cited by OilPrice.com warned that the situation at the Strait of Hormuz is set to drive another jump in pump prices this week, linking global geopolitical risk directly to domestic energy costs and producer economics.