International oil prices rose on Monday following a significant escalation in Middle East tensions, as Iran launched missiles at Israel, stoking market concerns that the conflict could broaden and persist.
The international benchmark Brent crude for July delivery climbed 2.42% to $92.73 per barrel, while U.S. West Texas Intermediate (WTI) crude for August delivery advanced 2.44% to $95.36 per barrel.
The White House confirmed that the U.S. President has been briefed on the latest developments after the missile attack, which marked the first such strike by Iran against Israel since the commencement of a ceasefire agreement. In a Sunday interview, the President stated that the missile attack was "clearly not helpful for negotiations."
An Iranian official involved in talks with the United States indicated that reaching an agreement with the current U.S. administration is now impossible at this stage.
On a social media platform, the Speaker of the Iranian Parliament stated that U.S. actions, including imposing a maritime blockade on Lebanon and violating relevant agreements, constitute a breach of the ceasefire. He added that, given the current U.S. blockade and military activities in Lebanon, U.S. military bases and assets in the region have become "legitimate targets."
In a separate development, OPEC+ agreed to increase its collective crude oil production target by 188,000 barrels per day starting in July, according to a statement from the organization. This marks the fourth time the group has approved a production quota increase since tensions escalated around the Strait of Hormuz. The scale of this increase matches that of June; previous monthly increases in May and April were 206,000 barrels per day, but the target was adjusted downward to the current level starting in June, influenced by the withdrawal of a member state.
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