(RTTNews) – Oil prices remained elevated on Monday as renewed fighting in Lebanon and further tanker attacks in the Strait of Hormuz clouded prospects for ending the U.S.-Iran war.
Brent crude futures were up 0.8 percent at $89.22 a barrel after climbing 6 percent last week. WTI crude futures rose 0.4 percent to $81.80 a barrel.
Investors braced for further supply disruptions despite Iran and Oman appear to be moving closer to an understanding over the management of the Strait of Hormuz.
At least 11 people were killed in Israeli strikes on southern Lebanon on Saturday, one of the deadlines days of fighting in months, clouding prospects for a ceasefire agreement to end the conflict.
Israel’s far-right national security minister, Itamar Ben-Gvir has advocated for killing “30 to 40 people” in Gaza every night and go beyond “those who pose a danger … at that particular moment.”
The Trump administration intends to impose severe economic pressure on Iran, with Treasury Secretary Scott Bessent suggesting Washington will announce additional sanctions as early as this week to isolate Iran economically.
Iran said it has not yet decided whether to resume negotiations with the Unted States and that a “new path” must be established to resolve the conflict.
Saudi Arabia has warned of a “potential danger” in Jazan province in the country’s southwest amid renewed Houthi attacks on Saudi energy facilities.
Following attacks on tankers, only five commodity vessels transited the Strait of Hormuz on Saturday while none registered for Sunday, versus 31 in the prior weekend, according to ship tracking data from Kpler.
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