WTI Crude Rises Toward $100

WTI crude oil futures extended their rise to $99 per barrel on Monday after US President Trump stated that the current ceasefire between the US and Iran is in a fragile state, risking an escalation to the war that prevents oil from the region from being exported. The US had already rejected Iran's peace counteroffer to consolidate the disagreement between both sides, dimming the likelihood that the conflict could end soon. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”

WTI crude oil futures climbed to around $97 per barrel on Monday after President Donald Trump rejected Iran’s latest response to a US peace proposal, prolonging disruptions in the Strait of Hormuz. Trump called Tehran’s reply “totally unacceptable,” highlighting the fragility of the ceasefire after ten weeks of conflict. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. While some tankers from the UAE, Saudi Arabia and Qatar have resumed limited transit, flows remain far below pre-war levels. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”

WTI crude futures jumped more than 2% to around $98 per barrel on Monday, recouping losses from last week after President Donald Trump rejected Iran’s latest response to his proposal aimed at ending the 10-week conflict, leaving the Strait of Hormuz effectively closed. In a post on Truth Social, Trump called Tehran’s reply “TOTALLY UNACCEPTABLE,” amid reports that Iran had proposed transferring part of its highly enriched uranium stockpile to a third country while refusing to dismantle its nuclear infrastructure. At the same time, drone attacks struck a cargo vessel near Qatar in the Persian Gulf, while the UAE and Kuwait said they had intercepted hostile drones, raising fears that the fragile ceasefire reached in early April could collapse. The extended shutdown of the Strait of Hormuz has severely disrupted global flows of crude oil, natural gas, and refined fuels, triggering what the IEA described as the largest supply shock on record.