Oil Extends Surge Above $115 As Iran War Enters Second Month

RTTNews | 165 days ago
Oil Extends Surge Above $115 As Iran War Enters Second Month

(RTTNews) - Oil prices extended their surge to trade above $115 a barrel on Monday as the Middle East war entered its fifth week with no signs of slowing down.

Brent crude prices traded over 2 percent higher at $115.25 a barrel, putting them on track for their biggest monthly gain on record.

WTI crude futures were up 1.6 percent at $101.18 amid a lack of progress in bringing an end to the four-week-old Middle East conflict.

With high-stakes peace talks hanging in the balance, Yemen's Houthis joining the war and the Pentagon reportedly preparing for weeks of ground operations in Iran, analysts now expect the war to run at least into June.

U.S. President Donald Trump underscored that indirect negotiations with Iran via Pakistan are progressing smoothly and a deal could be made "fairly quickly," according to the Financial Times.

At the same time, he has made fresh threats, saying he would love to "take the oil in Iran" and the U.S. could take Kharg Island, Iran's oil export hub, "fairly easily."

Media reports suggest that the Pentagon is preparing for weeks of ground operations in Iran. Any potential operations would likely be more like extensive raids vs. a full-scale invasion, according to a Washington Post report.

Yemen's Houthis have entered the conflict Saturday, threatening crucial Red Sea shipping routes. The Saudi Arabian port of Yanbu, which remains effectively closed by the war is well within the range of Houthi missiles.

Gulf nations have reported a series of attacks as Pakistan prepares to host U.S.-Iran talks on ending the war.

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