Brent oil futures fell Monday after mediators announced a roadmap for U.S.-Iran deal within 60 days. Talks follow Trump's threats and Iran's Strait of Hormuz closure, impacting global oil shipments.
Brent oil futures dropped Monday after mediators announced a roadmap for a US-Iran deal within 60 days. Talks in Switzerland follow US President Trump's threats of military action and Iran's closure of the Strait of Hormuz.
Brent oil futures fell as mediators reported a roadmap for a US-Iran deal within 60 days, following talks in Switzerland. This comes after US President Trump's threats and Iran's closure of the Strait of Hormuz.
Brent oil prices are expected to fall to $75-80 per barrel and remain in that range for 1.5-2 months as shipping through the Strait of Hormuz is restored and Iran nuclear program negotiations proceed. Alexey Belogoryev of the Institute for Energy and Finance noted that failure of these talks could lead to a resumption of hostilities.
Commerzbank has raised its Brent crude oil price forecast, citing expectations that the Strait of Hormuz will remain closed until early August. The bank now anticipates Brent crude to reach $90 per barrel by the end of September and $85 by year-end.
Brent oil futures for June delivery surpassed $110 per barrel on May 18, reaching their highest point since May 5. The benchmark rose to $111.35 before settling slightly lower at $110.40.
Brent crude oil surged above $126 per barrel, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months. The 13% price jump in 24 hours comes as US-Iran peace talks in Islamabad failed to materialize and the Strait of Hormuz remains effectively closed. Analysts warn a prolonged Hormuz crisis could send oil to $190 by August and trigger a global recession.
Brent crude oil surged above $126 per barrel, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months. The 13% one-day surge came as US-Iran peace talks failed to materialise and Iran kept the Strait of Hormuz largely shut to oil tankers. Analysts warn a six-month blockade could push prices to $190, with economist Paul Krugman warning a global recession is more likely than not if the strait remains closed for three months.
Brent oil futures with settlement in July rose above $109 per barrel on the London-based ICE exchange for the first time since April 7, 2026, gaining 3.66% to $109.18. Prices later settled at $109.13 per barrel, up 3.61%. WTI futures with June delivery added 3% to reach $97.23 per barrel.
The U.S. and Iran have seized multiple commercial ships in the Strait of Hormuz and Indian Ocean this week, escalating naval tensions during an ongoing ceasefire. Brent crude oil has risen above $100 per barrel as tanker traffic through the strategic shipping lane remains near standstill. Iran demands ships obtain permission to transit the strait while the U.S. maintains its blockade of Iranian ports. President Trump ordered the U.S. Navy to kill any boats laying mines.
Brent oil futures with delivery in June 2026 climbed above $102 per barrel for the first time since April 13, 2026, on London-based ICE. Brent prices gained 3.58% to $102.01 per barrel before settling at $101.91, up 3.48%. WTI futures rose 3.86% to $93.13 per barrel.
