Oil prices moved higher on Monday after renewed tensions between the United States and Iran raised concerns over global energy supplies.
Brent crude climbed nearly 3% above $104 per barrel, while U.S. West Texas Intermediate (WTI) crude traded close to $98 per barrel. The gains came after President Donald Trump criticized Iran’s response to a proposed peace agreement and described the current ceasefire situation as unstable.
Markets remain focused on the Strait of Hormuz, a critical shipping route for global oil supplies. Ongoing disruptions in the region continue to support higher crude prices and increase uncertainty across energy markets.
Investors are also watching Trump’s upcoming meeting with Chinese President Xi Jinping, where discussions are expected to include trade relations and the Middle East conflict.
Meanwhile, the White House is considering a temporary suspension of the federal gas tax as gasoline prices continue to rise across the United States.
Traders are now awaiting upcoming U.S. crude inventory data for further insight into supply conditions and export activity.