Oil Prices Mixed Amid Ongoing Middle East Tensions
Oil prices were mixed on Monday as benchmark Brent crude edged up while US West Texas Intermediate (WTI) crude fell, despite ongoing attacks on Gulf oil production and President Donald Trump's call for global efforts to secure the Strait of Hormuz.
Brent crude futures rose 16 cents to $103.30 a barrel by 1137 GMT, while WTI crude dropped $1.50 or 1.5% to $97.21, marking their highest levels since 2022 with gains of over 40% this month.
The US and Israel's attacks on Iran have led to Tehran halting shipping through the Strait of Hormuz, a critical waterway for nearly a fifth of global oil supplies.
Oil loading operations at the UAE port of Fujairah resumed after being halted following a drone attack that triggered a fire in its petroleum industrial zone.