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- Iran fired missiles at Israel.
- U.S. President Donald Trump has been briefed on renewed fighting between Iran and Israel.
- Meanwhile, OPEC+ agreed to increase targets by 188,000 bpd from July.
Four soldiers are climbing a wall and they are ready to fight.Yoh4nn | E+ | Getty Images
Oil prices rose on Monday amid heightened tensions in the Middle East after Iran fired missiles at Israel, raising concerns that the conflict may drag on.
International benchmark Brent crude futures for July gained 2.42% to $92.73 a barrel. U.S. West Texas Intermediate futures for August advanced 2.44% to $95.36 per barrel.
President Donald Trump was briefed on fresh fighting after Israel was hit by an Iranian missile for the first time since the start of the ceasefire, the White House confirmed to MS NOW. The missile attacks are “certainly not going to help negotiations.” Trump told Fox News on Sunday.
“A deal with President Trump is no longer feasible at this stage,” an Iranian official involved in the talks between Tehran and Washington told MS NOW.
In a post on X, MB Ghalibaf, Iran’s Parliamentary Speaker, said that the U.S. “naval blockade and violation of agreements regarding Lebanon” would be violations of the ceasefire. The region’s U.S. and regime bases and assets are now “legitimate targets” due to the current U.S. blockade as well as military action in Lebanon, he added.
Meanwhile, OPEC+ agreed to increase targets by 188,000 bpd from July, according to an OPEC statement, making this the fourth oil output quota hike approval since the closure of the Strait of Hormuz. This increase is on par with June’s, which was lowered from monthly increases of 206,000 bpd in May and April due to the exit of the UAE from the organization.
—CNBC’s Garrett Downs contributed to the report.
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