Oil prices extended gains on Monday, rising nearly 2% as peace talks between the U.S. and Iran stalled while shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.
Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since 7 April, and U.S. West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88%.
Last week, Brent and WTI gained nearly 17% and 13%, respectively, the biggest weekly gains since the start of the war.
Hopes of reviving peace efforts receded during the weekend when U.S. President Donald Trump scrapped a planned trip to Islamabad by his envoys Steve Witkoff and Jared Kushner, even as Iranian Foreign Minister Abbas Araghchi arrived In Pakistan.
"This move puts the ball squarely back in Iran’s court, and the clock is now ticking loudly," IG market analyst Tony Sycamore said in a note, adding that Tehran may be forced to shut production at its aging oil fields when it runs out of storage capacity.
Tehran has largely closed the strait while Washington has imposed a blockade of Iran's ports. Traffic through the Strait of Hormuz remained limited, with just one oil products tanker entering the Gulf on Sunday, shipping data from Kpler showed.
Goldman Sachs raised its oil price forecasts for the fourth quarter to $90 a barrel for Brent crude and $83 for WTI citing reduced output from the Middle East.
"The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock," GS analysts led by Daan Struyven said in an 26 April note.
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...
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The results of Armenia’s parliamentary elections will determine the makeup of the National Assembly and shape the country's political direction for...
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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