Brent Rises on Middle East Uncertainty

2026-05-04 07:20 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed toward $109 per barrel on Monday, snapping a two-day decline after reports that a tanker was hit by projectiles in the Strait of Hormuz shortly after President Donald Trump announced plans to guide ships through the waterway.

Iran also warned it would target any US forces entering the narrow strait and cautioned commercial vessels and oil tankers against moving without coordination with its military, underscoring heightened risks to supply flows.

Trump’s initiative, dubbed “Project Freedom,” is focused on helping civilian ships flagged in non-aligned countries exit the contested passage so they can resume operations, with implementation set to begin Monday.

Meanwhile, Tehran said it is reviewing Washington’s response to its latest 14-point proposal, keeping hopes for a diplomatic resolution alive.

Oil prices have surged sharply this year as the Middle East conflict and the effective closure of the Strait of Hormuz have disrupted global markets.



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