Oil prices rose on Monday as diplomatic efforts to resolve the Middle East conflict stalled.
Brent crude futures increased by 55 cents to $89.07. Meanwhile, U.S. West Texas Intermediate crude futures rose 17 cents to $82.57 per barrel.
Both contracts increased by over 5% last week after attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz Strait and on a Saudi Aramco refinery.
President Donald Trump stated on Monday that the U.S. would “bomb” Oman if the Gulf nation “gets in the way” as Washington’s 60-day ceasefire with Iran ended without any official negotiations or deals underway.
Speaking about the Iranian military in an interview, the President said, “They’re good poker players, but they’re dying, He added, “If Oman gets in the way, we’ll bomb the s— out of them.”
Oman is in negotiations with Tehran to reopen the Strait of Hormuz for commercial shipping, while the U.S. continues to blockade Iranian ports.
On Monday, Trump also reiterated that the U.S. insists Iran must give up its pursuit of nuclear weapons. He stated on Truth Social: “The number one Goal is, and always will be, that Iran cannot have, in any way, shape, or form, a Nuclear Weapon. Thank you for your attention to this matter! President DONALD J. TRUMP”
Overall, shipping has decreased by 90% since the war began on February 28. The Strait of Hormuz, which handles roughly 20% of the world’s oil, sees about 130 vessel transits daily.
By CEO NA Editorial Staff
