Global energy markets experienced volatility early Monday morning as oil prices climbed following fresh attacks on Saudi Arabian infrastructure and heightened conflict in the Strait of Hormuz. Brent crude, the international benchmark, exceeded $107 per barrel, reflecting a nearly 3% increase. Similarly, West Texas Intermediate (WTI), the North American standard, approached $103 a barrel, also up by approximately 3%.
The price hike follows a drone strike on a major Saudi pipeline, an incident captured in satellite imagery released by Vantor showing fires at a pumping station in al-Mesabaah, southeast of Medina. The attack occurred after Houthi rebels expanded their control over Yemeni territory reaching the Red Sea. President Donald Trump stated that Iran is “probably responsible” for the strike.
Trump reiterated his administration’s stance on the conflict, which began with major U.S.-Israeli combat operations launched on February 28. While diplomatic delegations from the U.S. and Iran entered negotiations in June based on a previously signed memorandum of understanding, those talks collapsed as both nations continued exchanging military strikes. The strategic Strait of Hormuz remains the central flashpoint, prompting Trump to threaten a “crushing economic operation” in August to compel Tehran to submit.
In a separate development regarding regional diplomacy, Omani Foreign Minister Badr Albusaidi announced via X on Sunday that a planned meeting between Iran and regional countries has been postponed “in the interests of consensus.” The gathering was scheduled for Monday in Salalah, Oman, where Gulf nations were intended to receive briefings on shipping arrangements for the Strait of Hormuz.
Addressing global fuel concerns on Sunday during the 2026 Amgen Irish Open in Doonbeg, Ireland, Trump attributed recent diesel shortages to Ukrainian strikes on Russian oil facilities rather than the Middle Eastern conflict. He urged Ukrainian President Volodymyr Zelenskyy to avoid targeting Russian diesel production, claiming such actions are hurting the world economy.
Trump also suggested that the war with Iran could conclude “right after the midterms,” though he indicated a resolution might come sooner. He claimed that gasoline prices would drop significantly once the conflict ends, asserting that Iran is eager to reach a deal. Regarding the rescheduled Oman talks, Trump expressed indifference, stating, “I don’t care. That’s up to them… We’ll ultimately get out, unless we decide to stay and keep the oil, like Venezuela.”
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