Brent crude moved closer to $100 per barrel as hopes of a near-term peace deal between the United States and Iran weakened amid renewed threats and military exchanges.
The international benchmark was trading at $97.66 per barrel, while West Texas Intermediate stood at $93.05 per barrel at the time of writing.
Prices gained after Iran warned Washington of “economic warfare” and claimed it had launched a new advanced missile at US warships, raising concerns that the conflict could persist and further disrupt regional energy supplies.
Oil markets also drew support from a fresh attack on Saudi Arabia’s Jizan refinery, which has a processing capacity of about 400,000 barrels per day and has previously been targeted by Yemen’s Houthi forces.
Adding to supply concerns, Iran said on Monday that it would establish a new shipping corridor through the Strait of Hormuz, potentially complicating tanker movements through the critical oil chokepoint.
