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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FormeFormer Cuban President Raúl Castro has been indicted in the United States, according to a senior Trump administration official. The move marks a significant escalation in Washington’s pressure campaign against Cuba’s communist leadership.
A major international conference on “The Role of Youth in Urban Development during Decolonisation Processes” has opened in Baku, bringing together young leaders and experts from around the world as part of the 13th session of the UN World Urban Forum.
Day four of the World Urban Forum (WUF) in Baku brings a packed agenda on sustainable cities and the global housing crisis, with sessions on green housing, smart cities, public spaces and urban rights taking place on Wednesday (20 May) at Baku Olympic Stadium in Azerbaijan.
The red carpet had barely been rolled up after Donald Trump’s departure before Beijing was laying it out again. Vladimir Putin arrived in the Chinese capital on Wednesday for talks with Xi Jinping, just days after Trump’s own high-profile visit.
United Nations World Urban Forum 13 continues in Baku, Azerbaijan on 19 May with sessions and roundtable discussions focused on strengthening dialogue and advancing cooperation in urban development. Organisers say there are nearly 3 billion people globally who face some form of housing inadequacy.
Azerbaijan and Georgia have agreed to resume daily passenger train services on the Baku-Tbilisi-Baku route from 26 May, 2026, marking a major step in restoring regional rail connectivity after services were suspended in 2020 due to the COVID-19 pandemic.
Day four of the World Urban Forum (WUF) in Baku brings a packed agenda on sustainable cities and the global housing crisis, with sessions on green housing, smart cities, public spaces and urban rights taking place on Wednesday (20 May) at Baku Olympic Stadium in Azerbaijan.
Pakistan has deployed around 8,000 troops, fighter jets and air defence systems to Saudi Arabia under a mutual defence agreement, according to security officials and government sources familiar with the arrangement.
Russia is considering the possibility of joint projects with the United States and China, Kirill Dmitriev, Head of the Russian Direct Investment Fund, (Russia's sovereign wealth fund), was quoted as saying by state media on Wednesday.
Two Chinese tankers laden with oil exited the Strait of Hormuz on Wednesday, shipping data showed, brightening hopes that the U.S.-Israeli conflict with Iran may soon be resolved after positive comments from the U.S. President and his Deputy.
Iranian Foreign Minister Abbas Araghchi said Tehran remained committed to reaching a diplomatic settlement with the U.S. while continuing to strengthen its defensive capabilities amid ongoing regional tensions.
Finance ministers from the Group of Seven (G7) have urged the International Monetary Fund (IMF) and the World Bank to increase support for countries hardest hit by the conflict in the Middle East.
U.S. President Donald Trump said on Monday that he had paused a planned attack on Iran after Tehran sent a peace proposal to Washington. He said there was now a “very good chance” of reaching a deal to limit Iran’s nuclear programme.
Turkish Foreign Minister Hakan Fidan and German counterpart Johann Wadephul said Monday that Ankara and Berlin are both keen to deepen strategic cooperation.
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