GLOBAL UPDATES – Global oil prices shot higher on Monday following renewed military exchanges between Iran and Israel that shattered weeks of relative calm, reigniting fears of a broader regional conflict that could disrupt energy supplies from the Middle East.
Thank you for reading this post, don't forget to subscribe!International benchmark Brent crude futures for July jumped 3.18% to settle at $96.05 per barrel, while U.S. West Texas Intermediate (WTI) futures for August climbed 3.46% to $93.67 a barrel.
Oil prices jumped sharply over the weekend after Iran launched missiles at Israel, prompting immediate retaliatory strikes from Israeli forces.
The exchange marked the first direct Iranian missile fire since a fragile U.S.-brokered ceasefire took effect in early April, and that tenuous truce now hangs in the balance.
According to reports, Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf stated that a U.S. naval blockade and violations of agreements regarding Lebanon had breached the ceasefire, warning that American and Israeli bases and assets in the region are now legitimate targets.
Israel’s military confirmed it identified incoming missiles and activated defensive systems in response. Early Monday local time, the Israel Defense Forces announced it had struck military targets belonging to the Iranian regime in western and central Iran.
The White House confirmed that President Donald Trump had been briefed on the escalating situation. Axios reported that Trump intended to call Israeli Prime Minister Benjamin Netanyahu to urge restraint, though Israel ultimately proceeded with its retaliatory strikes.
U.S. President Trump acknowledged on Sunday that the recent missile attacks were certainly not going to help negotiations, casting doubt on any immediate diplomatic progress between the involved parties.
A White House official speaking anonymously suggested the administration had miscalculated Iran’s willingness to return to conflict, noting that Iran’s erratic behavior has left the president with no imminent off-ramp.
In a later interview, Trump struck a defiant tone, asserting that Netanyahu won’t have any choice but to accept a deal negotiated by the United States because the American president calls the shots.
An Iranian official linked to the talks told a news outlet that “a deal with President Trump is no longer feasible at this stage,” blaming the U.S. for the situation in Lebanon and the current escalation.
The ceasefire had been fragile from the start, complicated by ongoing fighting between Israel and Iran-backed Hezbollah in Lebanon.
Iran has demanded an end to hostilities in Lebanon and a halt to the U.S. naval blockade, while Washington insists Tehran hand over its nuclear material and commit to never obtaining a nuclear weapon.
Meanwhile, reports emerged that the Trump administration is considering redirecting Iranian assets to allied Gulf states as compensation for strike-related damages.
Iran’s Deputy Foreign Minister Kazem Gharibabadi sharply rebuked the idea, insisting that Iran’s assets are neither war spoils for Washington nor a payment fund for its allies.
Israeli Ambassador to the U.S. Yechiel Leiter defended his nation’s actions, noting that Iran fired eleven ballistic missiles capable of leveling entire neighborhoods and that no self-respecting country would tolerate such an attack.
Leiter further emphasized that Israeli strikes were targeting missile launch sites and non-energy infrastructure, adding that everyone has had enough of the maniacal Iranian regime.
As tensions continue to escalate, energy markets remain on high alert for any disruption to oil shipments through the Strait of Hormuz or further direct confrontation involving U.S. assets in the region.
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