Brent Extends Rally Amid US-Iran Tensions

2026-05-17 23:21 By Jam Kaimo Samonte 1 min. read

Brent crude futures rose above $110 per barrel on Monday, building on last week’s gains as stalled US-Iran peace talks and the continued near-shutdown of the vital Strait of Hormuz kept global supply concerns elevated.

President Donald Trump warned that Tehran is running out of time to reach an agreement with Washington, while Iranian media reports indicated the two sides remain deeply divided, with the US offering “no tangible concessions” during negotiations.

Over the weekend, energy infrastructure across the Persian Gulf also came under attack, including a nuclear facility in the United Arab Emirates.

At the same time, the Trump administration allowed a waiver permitting Russian crude sales to expire despite India’s appeal for an extension, adding further pressure to already constrained supplies.

Meanwhile, last week’s two-day summit between Trump and Chinese President Xi Jinping ended without any concrete progress toward reopening the Strait of Hormuz.



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