The Callisto tanker sits anchored in Port Sultan Qaboos because the visitors is down within the Strait of Hormuz, amid the U.S.-Israeli battle with Iran, in Muscat, Oman, March 12, 2026.
Benoit Tessier | Reuters
Oil costs rose Monday because the impasse in Iran-U.S. peace talks followers fears of an prolonged provide crunch, whereas consultants level to report low inventories.
Worldwide benchmark Brent crude futures for July rose 1.73% to $110.93 a barrel. U.S. West Texas Intermediate futures for June superior 1.52% to $107.24 per barrel.
U.S. President Donald Trump’s warning to Iran over the weekend alerts that the deadlock between Washington and Tehran over a peace deal and reopening the Strait of Hormuz may result in a resumption in armed battle.
Trump mentioned a Reality Social submit on Sunday that “For Iran, the Clock is Ticking, and so they higher get shifting, FAST, or there will not be something left of them,” including that “TIME IS OF THE ESSENCE!”
Brent crude
Whereas a fragile ceasefire was reached in April, tensions between Iran and the U.S. proceed with Tehran preserving the Hormuz waterway principally closed, whereas the Trump administration continues to blockade Iranian ports.
The strait, previous to the warfare, noticed practically a fifth of the world’s oil and fuel provide movement via it.
The Worldwide Power Company, in its newest month-to-month replace, cautioned that oil inventories globally are depleting at a report tempo because the Strait of Hormuz stays closed. “Quickly shrinking buffers amid continued disruptions, could herald future value spikes forward,” the IEA mentioned.
Inventories will close to all-time lows of seven.6 billion barrels by end-Might, if demand for oil stays the identical month over month, in keeping with a report by Swiss financial institution UBS final week.
—CNBC’s Garrett Downs and Spencer Kimball contributed to the report.
