The Liberia-flagged crude oil tanker Shenlong Suezmax efficiently docked at Mumbai Port after navigating the high-risk Strait of Hormuz amid the intensifying West Asia battle on March 11, 2026 in Mumbai, India.
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Oil costs jumped Monday after Israeli Prime Minister Benjamin Netanyahu warned that the battle with Iran was “not over,” elevating fears that tensions within the Center East might escalate once more and additional threatening vitality provides.
U.S. President Donald Trump, in the meantime, rejected Iran’s counteroffer to finish the warfare with the U.S. and Israel. “I’ve simply learn the response from Iran’s so-called “Representatives.” I do not prefer it — TOTALLY UNACCEPTABLE!”
U.S. West Texas Intermediate futures with June supply superior virtually 5% to $100.18 per barrel as of 12:25 p.m. ET, whereas the worldwide benchmark Brent crude futures with July supply rose 4.47% to $105.82 per barrel.
Brent crude costs this yr
“There’s nonetheless nuclear materials, enriched uranium that needs to be taken out of Iran,” Netanyahu stated on Sunday in an interview on CBS’s “60 Minutes” that’s set to air Sunday evening. “There may be nonetheless enrichment websites that must be dismantled, there’s nonetheless proxies that Iran helps, there are ballistic missiles that they nonetheless wish to produce … there’s work to be achieved.”
Requested how the U.S. and Israel would take away the nuclear materials, Netanyahu replied: “You go in, and you’re taking it out.”
Citi analysts wrote of their newest oil report that costs might rise additional if Iran and U.S. don’t agree a deal, including that crude markets have been cushioned by excessive inventories, strategic petroleum reserve releases, weaker demand in growing economies and intermittent indicators of doable de-escalation within the Center East.
Citi maintained that dangers to grease costs stay tilted to the upside, as Iran retains vital management over the timing and phrases of any potential settlement to reopen the vital Strait of Hormuz vitality route.
“We assume that the regime will make a deal that reopens the Strait round end-Could … however we proceed to see the dangers skewed in the direction of this timeline being pushed out and/or a partial reopening, which implies disruptions for longer.”
— CNBC’s Garrett Downs contributed to this report.
