05:43 AM EDT, 03/23/2026 (MT Newswires) -- Crude oil prices jumped on Monday after a threat from Iran targeting Israel's power plants and electricity supply in U.S. bases in the Middle East.

Brent crude at last look gained 0.8% to US$113.08/barrel and West Texas Intermediate crude was at $98.23/barrel. The threat from Iran comes after U.S. President Donald Trump threatened to hit Iran's power plants if the Strait of Hormuz is not reopened within 48 hours, Reuters said in a Monday report.

"Oil sentiment may lurch on threats and rhetoric in the near term, but its more durable direction will continue to be shaped by the state of Middle East oil flows," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Analysts have estimated a loss of 7 million to 10 million barrels per day of oil production in the Middle East from damaged major energy facilities in the Gulf, halts to shipping through the Strait of Hormuz and force majeure declarations, the report said.

International Energy Agency Executive Director Fatih Birol on Monday described the Middle East war as "very severe" and worse than the two oil shocks of the 1970s put together, Reuters reported.