West Texas Intermediate (WTI) crude has surged more than 50% in just a month, breaking the $100 per barrel mark, as the ongoing war in Iran wreaks havoc on global oil supplies. The nearly $35-per-barrel spike marks the sharpest monthly climb since WTI futures were launched in 1983.

Market experts say the jump reflects escalating fears that the conflict, particularly around the Strait of Hormuz, could continue to choke oil shipments for months. Recent statements from US President Donald Trump suggest the war shows no sign of ending soon, dashing hopes of a quick resolution.

The fallout is already hitting consumers hard. Gasoline prices in the US have topped $4 per gallon, while diesel has climbed to $5.50—a level not seen since the 2022 energy crisis triggered by the Russia-Ukraine war.

Analysts warn that even if oil shipments through the Strait of Hormuz resume quickly, it could take three to six months to clear backlogs and normalize flows of oil, natural gas, and LNG, keeping global energy prices under pressure.

For import-dependent economies like Pakistan, the surge is particularly alarming. Rising crude costs are translating directly into higher fuel prices, inflationary pressures, and worsening trade balances.