Oil prices increased Monday as President Trump warned that Iran “better get moving” amid a deadlock in peace talks, while experts cited record low inventories.
Trump posted on Truth Social on Sunday that “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them,” adding that “TIME IS OF THE ESSENCE!”
Today, international benchmark Brent crude futures for July increased 0.64% to $109.96 a barrel. U.S. West Texas Intermediate futures for June rose 0.55% to $106 per barrel.
The dollar dipped against most major currencies on Monday, but held near last week’s highs as the conflict continued to nudge oil prices and global bond yields higher.
Benchmark 10-year U.S. Treasury yields were up 1 basis point on the day at 4.603%, having risen by 15 bps in the last two weeks alone.
G7 finance ministers are meeting in Paris on Monday to discuss the Strait of Hormuz and critical raw material supplies, but geopolitical differences could challenge the group’s unity.
By CEO NA Editorial Staff
