Oil prices fell from trading highs on Monday as the dust settled after a series of military attacks by Iran and Israel.
brent crude oil The international benchmark futures price rose 1.39% to $94.38 per barrel. us West Texas Intermediate Futures The stock added 1.17% to $91.60.
Iran’s Foreign Ministry told CNBC that Iran had stopped attacking Israel, but warned that fighting would resume if Jerusalem attacked Lebanon.
Oil prices soared more than 5% after Iran fired missiles at Israel in retaliation for its military operation in Lebanon. This is the first such attack since a ceasefire was agreed in April. The Israel Defense Forces said in a post on X that Israel responded by attacking military targets in western and central Iran.
President Donald Trump tried to stop the escalation of violence. President Trump earlier said on social media that Iran and Israel are working toward a ceasefire agreement. He said negotiations between the United States and Iran toward a final agreement are progressing.
An Iranian official involved in peace talks with the United States earlier told MS NOW that “a deal with President Trump is no longer viable at this stage.”
Iranian Parliament Speaker MB Ghalibaf said the US naval blockade and Israeli attack on Lebanon were violations of the April ceasefire. He said U.S. and Israeli assets in the region were now “legitimate targets.”
Meanwhile, OPEC+ agreed to increase its oil production target by 188,000 barrels per day starting in July, marking the fourth time since the closure of the Strait of Hormuz that oil production quotas have been approved, according to an OPEC statement.
This increase is on par with June’s increase, which was lowered from the 206,000 barrel per day increase in May and April due to the UAE’s withdrawal.
—CNBC’s Garrett Downs contributed to this report.
