Crude oil hovered around $82.50 per barrel on Monday, consolidating last week’s gains as persistent tensions in the Middle East kept markets on edge over potential supply disruptions. Over the weekend, Israel carried out new strikes in Lebanon that killed 11 people, including a senior Hezbollah commander. At the same time, President Donald Trump is preparing fresh economic sanctions designed to pressure Iran into capitulation, amid growing calls for his administration to end the military campaign.
The interim ceasefire agreement between the US and Iran is scheduled to formally expire later today, while talks aimed at resolving the conflict and reopening the Strait of Hormuz remain deadlocked. In the meantime, Middle Eastern producers are quietly shipping millions of barrels of crude through the key waterway, helping to temper further price increases.