WTI crude futures climbed toward $106 per barrel on Monday, extending last week’s rally as stalled US–Iran negotiations and the near-closure of the strategic Strait of Hormuz kept global supply risks elevated. President Donald Trump warned that Tehran is running out of time to strike a deal with Washington, while Iranian media suggested the two sides remain far apart, with the US reportedly offering “no tangible concessions” in the talks.
Over the weekend, key energy infrastructure across the Persian Gulf came under attack, including a nuclear facility in the United Arab Emirates, further heightening geopolitical tensions. At the same time, the Trump administration let a waiver authorizing Russian crude exports expire, despite India’s request for an extension, adding pressure to already tight supplies.
Meanwhile, last week’s two-day summit between Trump and Chinese President Xi Jinping concluded without any concrete steps toward reopening the Strait of Hormuz.
