Brent Crude Retreats to $108

2026-05-18 20:22 By Joana Taborda 1 min. read

Brent crude futures pared early gains to trade around $108 a barrel during a volatile session on Monday, as traders weighed fresh developments in the Middle East and mixed signs that the US and Iran could be nearing a deal.

President Trump said he was calling off a planned attack on Iran scheduled for Tuesday after leaders from Saudi Arabia, Qatar, and the UAE urged him to “hold off,” adding that serious negotiations were now underway.

Earlier in the session, oil prices fell after Iranian media reported that the US had proposed a temporary waiver of oil sanctions pending a final agreement.

Prices later reversed course and moved higher again after Axios reported that Iran had submitted an updated peace proposal aimed at ending the conflict, though the White House reportedly viewed the offer as insufficient.

Markets remain highly volatile, with oil prices elevated as the Strait of Hormuz stays largely shut and attacks on key infrastructure disrupt production.



News Stream
Brent Crude Retreats to $108
Brent crude futures pared early gains to trade around $108 a barrel during a volatile session on Monday, as traders weighed fresh developments in the Middle East and mixed signs that the US and Iran could be nearing a deal. President Trump said he was calling off a planned attack on Iran scheduled for Tuesday after leaders from Saudi Arabia, Qatar, and the UAE urged him to “hold off,” adding that serious negotiations were now underway. Earlier in the session, oil prices fell after Iranian media reported that the US had proposed a temporary waiver of oil sanctions pending a final agreement. Prices later reversed course and moved higher again after Axios reported that Iran had submitted an updated peace proposal aimed at ending the conflict, though the White House reportedly viewed the offer as insufficient. Markets remain highly volatile, with oil prices elevated as the Strait of Hormuz stays largely shut and attacks on key infrastructure disrupt production.
2026-05-18
Brent Crude Bounces Back
Brent crude oil futures climbed back toward $111 per barrel on Monday as uncertainty deepened over US Iran negotiations aimed at reopening the key Strait of Hormuz. Market sentiment shifted after doubts resurfaced about an imminent agreement to restore energy flows through the vital shipping route. According to Axios, Iran submitted an updated peace proposal to end the conflict, but the White House reportedly considers it insufficient for a deal. Iran’s Tasnim news agency said Tehran still views US conditions as overly demanding despite revisions in the latest draft, signalling that the deadlock over both the conflict and the Strait of Hormuz remains unresolved. Earlier optimism had been supported by reports that Washington proposed a temporary waiver on oil sanctions, though this has not been confirmed by US officials. Meanwhile, the International Energy Agency warned on Monday that global oil inventories are declining rapidly.
2026-05-18
Brent Crude Oil Swings
Brent crude oil futures swung between gains and losses and were last around $110 a barrel on Monday after Iranian media reported that the US had proposed a temporary waiver of oil sanctions pending a final agreement. Separate reports also indicated Tehran may be willing to a long-term nuclear freeze agreement, though not a full dismantling of its atomic program. Tehran is also reportedly seeking a gradual peace arrangement with the US and Israel and wants its enriched uranium transferred to Russia rather than the US. According to reports, Iran dropped demands for direct US financial compensation in favour of economic concessions and international guarantees that would allow Tehran to preserve political credibility. Over the weekend, energy infrastructure across the Persian Gulf also came under attack, including a nuclear facility in the United Arab Emirates, adding to concerns over regional stability and potential supply disruptions.
2026-05-18