Crude oil rose more than 3% to around $74 per barrel on Monday after the US launched another wave of strikes against Iran, heightening fears of supply disruptions in the Middle East. Iran announced that the Strait of Hormuz was closed until further notice, while Western naval forces insisted that the vital shipping lane remained open.
President Donald Trump said the US would likely assume control of the strait and seek compensation for securing it, though he offered no additional details. Tehran, for its part, said talks aimed at easing tensions were continuing, even as the interim peace agreement entered what it called a “crisis phase.”
Iran also targeted US allies across the region, with Kuwait reporting damage to an offshore drilling platform. Tanker movements through the Strait of Hormuz remained muted, although the Omani shipping corridor continued to operate. At the same time, OPEC trimmed its 2026 oil demand growth forecast to 800,000 barrels per day.
