U.S. oil prices surged on Monday amid rising concerns over the reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments. West Texas Intermediate crude settled at $82.13 a barrel, up 5.1%, while Brent crude rose 5% to close at $87.72 a barrel. The increase reflects uncertainty over the timing of renewed tanker traffic through the Persian Gulf, a key route for oil exports.

Investor optimism for a swift agreement between the United States and Iran has been tempered following comments from President Donald Trump over the weekend. Rather than signaling an imminent deal, Trump indicated a willingness to maintain economic pressure on Iran, suggesting a protracted approach to negotiations.

Compounding concerns about supply is the recent announcement by the U.S. Department of Energy that the Strategic Petroleum Reserve has dropped below 300 million barrels, marking its lowest level since 1983. This decline comes amid escalating instability triggered by the conflict with Iran, which has caused the most significant disruption to energy supplies in decades.

Oil prices had spiked as high as $125 per barrel following the outbreak of war in Iran on February 28, but the United States’ substantial petroleum reserves have helped mitigate some of the market impacts. With these reserves now at historic lows, market watchers warn that without a swift restoration of free vessel movement through the Middle East, fuel supplies could tighten further.

As of Monday, U.S. gasoline prices remained elevated, averaging above $4 per gallon, according to the American Automobile Association. Analysts suggest that continued instability in the region and shrinking reserves may lead to even higher consumer fuel costs in the near term.