Global oil prices climbed sharply on Monday morning following attacks on Saudi Arabian oil infrastructure and commercial vessels navigating the vital Strait of Hormuz. Brent crude oil prices surpassed $107 a barrel, marking an increase of nearly 3%. Meanwhile, West Texas Intermediate, the North American benchmark, rose close to $103 a barrel, also climbing around 3%. These market increases follow escalating hostilities that began when President Donald Trump announced major military operations against Iran on Feb. 28, featuring joint U.S. and Israeli strikes on military and infrastructure sites. Delegations from the U.S. and Iran previously entered negotiations in June for a war-ending agreement, but those discussions collapsed as military exchanges persisted in the Strait of Hormuz. In August, Trump warned that Washington would initiate a crushing economic operation against Tehran. Amid the ongoing tensions, Omani Foreign Minister Badr Albusaidi announced on Sunday that a planned regional meeting between Iran and neighboring countries in Salalah had been postponed in the interest of consensus. Speaking to reporters on Sunday in Doonbeg, Ireland, President Trump attributed global diesel shortages to Ukrainian strikes on Russian refineries rather than the Middle East conflict. He stated that he urged Ukrainian President Volodymyr Zelenskyy to avoid targeting Russian diesel facilities. Trump also maintained that the conflict with Iran would conclude around the midterm elections and claimed that Tehran is eager to secure an agreement.
Source: abcnews.com
