Brent oil looks set to move above $100 and potentially stay there for a while, said an industry expert citing reports that Iran has halted negotiations with the US and threatened to close the Strait of Hormuz. That scenario would change the game for investors.
Oil prices climbed more than 2% on Monday as investors reassessed expectations for a breakthrough in US-Iran negotiations, with renewed regional tensions highlighting the fragility of efforts to secure a broader peace agreement and restore stability to Middle East energy supplies.
The UAE's air defences are currently dealing with missile and drone attacks originating from Iran, the UAE Ministry of Defense said in an X post.
US forces attacked Iranian military facilities after Iran launched “unprovoked” missile, drone and small boat attacks against American warships transiting the Strait of Hormuz, US Central Command (CENTCOM) said.
Iran is expected to respond on Thursday to a US proposal aimed at ending the conflict and establishing a framework for broader nuclear negotiations, according to media reports, as diplomatic efforts intensified amid continuing tensions in the Gulf.
Several ships were hit by suspected Iranian missiles and drones in the Strait of Hormuz on Monday and a UAE oil complex was set on fire. This follows the launch of Project Freedom by US military to end the blockade of the shipping route.
Global LNG exports fell to about 33 million tonnes in April 2026, the lowest in nearly two years, as Middle East tanker disruptions linked to the US-Israeli war with Iran impacted shipping flows.
US President Donald Trump has yet to decide whether to endorse a reported memorandum of understanding negotiated between US and Iranian officials, as the world awaits a potential extension of the ceasefire and eventual peace deal.
The United States has announced new sanctions on Iranian oil and petrochemical networks, the latest move in its 'maximum pressure' strategy to curb the country's key sources of income and limit funding for its military operations, said a report.
US President Donald Trump said he will soon review Iran's new 14-point proposal for peace, adding that he “can’t imagine that it would be acceptable.”
