Brent, WTI rise on Iran war worries
Liberian-flagged crude oil tanker Shenlong Suezmax successfully docked at Mumbai Port after crossing the high-risk Strait of Hormuz amid the intensifying West Asian conflict in Mumbai, India, on March 11, 2026.
Hindustan Times | Getty Images
Oil prices rose on Monday after Israeli Prime Minister Benjamin Netanyahu warned that the conflict with Iran was “not over”, raising fears that tensions in the Middle East could escalate again and further threaten energy supplies.
Meanwhile, US President Donald Trump, Rejected Iran’s counter offer To end the war with the USA and Israel. “I just read the response from Iran’s so-called ‘Representatives’. I did not like it; TOTALLY UNACCEPTABLE!”
US West Texas Intermediate futures for June delivery increased by 3.08% to $95.42 per barrel, while international reference Brent crude futures for July delivery increased by 3.16% to $104.49 per barrel.
“There is still nuclear material and enriched uranium that needs to be removed from Iran,” Netanyahu said Sunday in an interview on CBS’ “60 Minutes” program that will air Sunday night. “There are still enrichment facilities that need to be dismantled, there are still proxies that Iran supports, there are still ballistic missiles that they want to produce… there is still work to be done.”
When asked how the US and Israel would extract nuclear material, Netanyahu replied: “Go in, take it out.”
Prices could rise further if Iran and the United States fail to reach an agreement, Citi analysts wrote in their latest oil report, adding that crude markets are buffered by high inventories, the release of strategic oil reserves, weak demand in emerging economies and intermittent signs of possible easing tensions in the Middle East.
Citi argued that risks to oil prices remain to the upside as Iran maintains significant control over the timing and terms of a potential deal to reopen the critical Strait of Hormuz energy route.
“We assume the regime will strike a deal to reopen the Bosphorus at the end of May… but we continue to see risks to delaying this timeline and/or partial reopening meaning longer periods of disruption.”
— CNBC’s Garrett Downs contributed to this report.
