Four soldiers climb a wall and are ready to fight.
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Oil prices rose on Monday amid heightened tensions in the Middle East. Iran and Israel have traded strikes, raising concerns of a fragile ceasefire and protracted conflict.
International reference Brent crude Futures for July advanced 4.87% to $97.65 a barrel. WE West Texas Intermediate Futures for August gained 4.48% to $94.60 per barrel.
THE Israeli Air Force strikes military targets in western and central Iran on Monday local time, the Israel Defense Forces said in a message on X.
President Donald Trump was informed after Israel was hit by an Iranian missile for the first time since the ceasefire began, the White House confirmed to MS NOW. Missile attacks “certainly aren’t going to help the negotiations,” Trump said. Fox News on Sunday.
“A deal with President Trump is no longer feasible at this point,” an Iranian official involved in the talks between Tehran and Washington told MS NOW.
In a post onMB Ghalibaf, Speaker of the Iranian Parliament, declared that the “American naval blockade and violation of agreements concerning Lebanon” would constitute violations of the ceasefire. US and regime bases and assets in the region are now “legitimate targets” due to the current US blockade as well as military action in Lebanon, he added.
At the same time, OPEC+ agreed to increase its targets by 188,000 b/d starting in July, according to an OPEC statement, making it the fourth increase in oil production quotas since the closure of the Strait of Hormuz. This increase is comparable to that of June, which was lower than the monthly increases of 206,000 b/d in May and April due to the United Arab Emirates’ exit from the organization.
—CNBC’s Garrett Downs contributed to this report.