Crude oil futures end higher on Monday
United States seized an Iranian cargo vessel, raising doubts about the continuation of the current ceasefire
Crude oil futures ended higher on Monday, amid renewed geopolitical tensions and concerns over supply disruptions after the United States seized an Iranian cargo vessel, raising doubts about the continuation of the current ceasefire, with Iran signaling possible retaliation. Adding to the uncertainty, President Donald Trump indicated that the existing truce may not be extended if an agreement is not reached within the week, and noted that the Strait of Hormuz could remain blocked until a deal is finalized.
Benchmark crude oil futures for May delivery jumped by $5.76 or 6.87% to settle at $89.61 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged by $5.10 or 5.64% to settle at $95.48 a barrel on London's Intercontinental Exchange.
