Brent crude climbed above $105.50 a barrel on Monday, its highest level in more than two weeks, as mounting tensions in the Middle East intensified concerns over regional security. Saudi Arabia’s main airport was attacked again on Sunday, and another tanker was targeted in the Strait of Hormuz. These incidents followed a phone call between the Saudi and Iranian foreign ministers and came amid renewed clashes involving Iran-backed Houthi forces in Yemen.
Despite the heightened security risks, oil exports from the Persian Gulf have remained relatively resilient. Shipments reportedly rebounded to 17.5 million barrels per day, or about 98% of pre-war volumes.
In parallel, US President Donald Trump said Russia and Ukraine had agreed to an immediate energy ceasefire. Moscow is preparing to export 500,000 tons of diesel, a sharp reduction from the 28.6 million tons shipped last year. The International Energy Agency (IEA) urged governments to speed up planned diesel releases, warning that current market conditions demand urgent action ahead of its October 15 meeting.
