Extracted Insight: Oil prices increased in early Asian trade following reports that the United States carried out fresh strikes against missile launch sites and mine‑laying boats in southern Iran. The strikes offset earlier optimism about a framework deal to reopen the Strait of Hormuz, causing Brent July futures to open up nearly 2% at $97.84 a barrel and West Texas Intermediate (WTI) to rise 1.2% to $91.40 a barrel. President Donald Trump claimed progress in negotiations, stating Iran would hand over its enriched uranium holdings, while Tehran denied any plan to relinquish uranium.
Brent July futures opened at $97.84/barrel, up nearly 2% by 20:03 ET (00:03 GMT).
WTI futures rose to $91.40/barrel, up 1.2%; WTI did not settle on Monday due to a U.S. market holiday.
Brent had slid almost 3% on the previous Monday after earlier reports of a Hormuz reopening framework.
U.S. military statements said the strikes were in self‑defence and targeted missile launch sites and mine‑laying boats in southern Iran.
The U.S. maintains that a ceasefire with Iran remains in place.
Tehran’s immediate response was not clear, but the renewed hostilities could complicate ongoing peace negotiations.
President Donald Trump highlighted progress, asserting Iran would surrender enriched uranium, though Iran publicly denied any intention to give up its uranium stockpile while indicating openness to future negotiations.
The combination of geopolitical tension and supply‑risk concerns drove the upward movement in crude oil prices, potentially benefiting energy‑sector equities and affecting import‑dependent economies.
