LONDON: Global oil prices climbed to their highest levels in nearly two weeks on Monday as tensions surrounding the ongoing Iran conflict continued to grow, raising fears of supply disruptions in the Middle East.
According to Beyond Time News, oil markets extended gains after diplomatic efforts to ease the conflict showed little progress, while fresh security concerns emerged following reported drone attacks in the Gulf region.
Brent crude futures rose by $2.03, or 1.86%, reaching $111.29 per barrel after briefly touching $112, its highest level since May 5.
Meanwhile, US West Texas Intermediate (WTI) crude increased by $2.31, or 2.19%, to $107.73 per barrel after hitting $108.70, the highest price recorded since April 30.
Middle East Tensions Fuel Market Concerns
According to Beyond Time News, investors remain worried that continued instability in the region could disrupt oil shipments through the Strait of Hormuz, one of the world’s most important energy trade routes.
Oil prices had already surged more than 7% last week as hopes for a peace agreement weakened. Market concerns intensified further after recent talks between US President Donald Trump and Chinese President Xi Jinping ended without any major breakthrough related to the conflict.
Analysts warned that prolonged tensions involving Iran could create lasting pressure on global energy markets and economic growth.
Drone Attacks Raise Security Fears
Fresh concerns emerged after reports of drone attacks targeting strategic sites in the Gulf region.
Emirati officials said authorities were investigating a strike near the Barakah nuclear power plant in the United Arab Emirates. The UAE stated it reserves the right to respond to what it described as attacks threatening national security.
Saudi Arabia also reported intercepting three drones that entered its airspace from Iraq, warning that it would take necessary measures to protect its sovereignty.
Market analysts said the incidents highlight the growing risk of attacks on Gulf energy infrastructure if tensions continue to escalate.
Trump Expected to Discuss Military Options
According to Beyond Time News, President Donald Trump is expected to meet senior national security advisers to discuss possible military options regarding Iran.
The latest developments have added uncertainty to global markets, with traders closely monitoring both diplomatic efforts and regional security risks.
Oil Prices Edge Higher as Markets Watch Trump–Xi Talks on Iran Conflict
Russian Oil Waiver Adds Pressure
In another development affecting energy markets, the Trump administration reportedly allowed a sanctions waiver on Russian seaborne oil to expire.
The waiver had previously allowed countries, including India, to continue purchasing certain Russian oil shipments. Analysts say the move could tighten global oil supplies further and keep prices elevated.
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