Crude oil traded above $92.50 a barrel on Monday, extending gains for a third consecutive session as mounting tensions in the Middle East intensified concerns over regional security. Saudi Arabia’s main airport came under renewed attack 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 occurred against the backdrop of renewed fighting involving Iran-backed Houthi forces in Yemen.
Despite heightened security risks, oil exports from the Persian Gulf have remained relatively resilient. Shipments reportedly rebounded to 17.5 million barrels per day, equivalent to about 98% of pre-war levels.
At the same time, US President Donald Trump stated that Russia and Ukraine had agreed to an immediate energy ceasefire. Moscow is set to export 500,000 tons of diesel, a sharp reduction from the 28.6 million tons shipped last year. The International Energy Agency (IEA) has urged governments to fast-track previously pledged diesel releases, warning that current market conditions require urgent action ahead of its October 15 meeting.
