Oil prices rose sharply on Monday as fears deepened over potential supply shortages caused by the ongoing conflict in the Middle East, unsettling global energy markets and the row over the Strait of Hormuz, raising concerns for consumers and businesses alike.
Brent crude rose $1.71, or 1.6%, to $110.74 a barrel, while U.S. West Texas Intermediate (WTI) added $0.71, or 0.6%, to $112.25 per barrel.
Last Thursday, ahead of the Good Friday holiday, WTI jumped more than 11% and Brent nearly 8% - their largest one-day rises since 2020 - after U.S. President Donald Trump warned of further action against Iran.
The main concern is the Strait of Hormuz, a key passage for oil from Saudi Arabia, Iraq, Qatar, Kuwait and the United Arab Emirates. Iranian attacks on shipping have largely blocked the route since 28 February, forcing refiners in the U.S. and North Sea to seek alternative sources.
“Global buyers are bidding aggressively for U.S. Gulf Coast barrels, and Brent is rallying even faster,” said consultancy The Schork Group.
Over the weekend, President Trump issued a warning on social media, threatening to target Iran’s power plants and bridges if the Strait of Hormuz is not reopened.
Some ships from Oman, France and Japan have passed through the strait, reflecting Iran’s policy of allowing vessels from friendly nations.
Efforts to negotiate a ceasefire appear stalled. Iran has declined talks with U.S. officials in Islamabad, and mediation attempts have so far failed. Meanwhile, OPEC+ announced a modest production increase of 206,000 barrels per day in May. But some key producers said they cannot raise output because of the conflict.
Russian supply has also been disrupted by Ukrainian drone attacks on the Baltic port of Ust-Luga, though shipments resumed over the weekend.
With tensions showing no sign of easing, oil markets are expected to remain volatile, keeping prices high for consumers and businesses worldwide.
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Armenia's ruling Civil Contract party is leading in a parliamentary election with 54.44% of the vote, according to early voting results from Armenia's electoral commission that were broadcast on public TV.
A powerful earthquake struck off the southern Philippine island of Mindanao on Monday (8 June), killing at least 3 people and triggering tsunami warnings across the region.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 8 June, covering the latest developments you need to know.
The results of Armenia’s parliamentary elections will determine the makeup of the National Assembly and shape the country's political direction for the foreseeable future. But in Armenia, the final result is not decided by vote percentages alone. Here's how it works.
Counting is underway in Armenia's elections. The results of the vote are set to determine the political direction of the country of three million people for the next few years. Prime Minister Nikol Pashinyan is hoping to fend off challenges from several pro-Russia candidates to secure a third term.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
Azerbaijan's Foreign Ministry has confirmed the number of casualties its citizens suffered as a result of the 5 June drone attacks on the cargo ships Natra and Zircon in the Sea of Azov. In a statement, it said four Azerbaijani citizens were killed and four others were injured.
Armenia's ruling Civil Contract party is leading in a parliamentary election with 54.44% of the vote, according to early voting results from Armenia's electoral commission that were broadcast on public TV.
Israel said it struck military targets in western and central Iran on Monday, even after U.S. President Donald Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
Sirens rang out across multiple areas of Israel on Sunday night after missiles were launched from Iran towards the country, the Israeli military said. Earlier, Tehran's top negotiator in talks with the U.S. threatened to target Israeli and American assets in the region, after Israel struck Beirut.
U.S. President Donald Trump acknowledged calling Israeli Prime Minister Benjamin Netanyahu “crazy” during a phone exchange over fighting in Lebanon. The call came as the U.S. was attempting to broker an end to hostilities involving Iran.
Iran’s Revolutionary Guards (IRGC) said on Monday they targeted the source of an attack on a telecom facility on Sirik Island near the strategic Strait of Hormuz, Tasnim News Agency reported.
Iran really wanted to make a deal with the U.S. and that it would be a good one for Washington and its allies, President Donald Trump said on Monday.
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