Oil prices continue to hover above $100 per barrel in international markets, retaining most of the gains it made after the recent bombing of Kharg Island, a major oil export hub in Iran by the U.S. Despite the commitment from major economies to release substantial amounts of strategic reserves into the market, prices remain significantly higher than the levels observed prior to the onset of the conflict in the region.

In early trading on Monday in Asia, oil prices exhibited volatility but remained close to the psychological threshold of $100 per barrel. American crude oil (WTI) experienced a slight dip of 0.6% to $98.14 per barrel compared to Sunday evening, while Brent crude hovered at around $103.17 per barrel, showing minimal change. The market is experiencing challenges, with prices clearly elevated compared to pre-conflict levels in the Middle East, demonstrating the ongoing impact of geopolitical tensions on oil supply and pricing.

The persistent high prices reflect the complex dynamics of global oil markets, heavily influenced by geopolitical factors such as military conflicts, particularly in the Middle East. As countries grapple with the implications of their energy policies in light of these developments, market players remain cautious, closely monitoring the situation as further actions from world powers could significantly alter oil supply and pricing landscapes.