Global crude oil markets experienced significant gains on Monday following setbacks in diplomatic negotiations between the United States and Iran, while transportation through the critical Strait of Hormuz corridor continues to face restrictions, maintaining pressure on worldwide petroleum availability.
Brent crude futures climbed $2.22 per barrel, representing a 2.11% increase to reach $107.55 by 2202 GMT. Meanwhile, U.S. West Texas Intermediate crude advanced $2.02 per barrel, marking a 2.14% gain to $96.42.
The price increases reflect market concerns over ongoing geopolitical tensions and supply chain disruptions in one of the world’s most strategically important oil shipping routes.
