Brent crude surged 1.18% to $105.50 a barrel, while WTI edged up 0.77% to $93.12, as Monday’s session opened on a backdrop of sharp geopolitical jitters.
The rally came after President Donald Trump turned down Iran’s UN peace proposal, a move that has sustained market volatility since the February joint strikes against Tehran.
Trump told Axios that U.S. negotiators will pursue further talks this week, leaving a path open for renewed discussions even after the deal was denied. Tehran, via Qatari mediators, claimed it had relayed the proposal to Washington.
The Saudi‑led coalition in Yemen intercepted two ballistic missiles and two drones launched at Saudi Arabia by Iran‑backed Houthis, a statement issued Saturday morning that added fresh pressure to an already tense region.
Brent had edged 0.4% higher over the previous week, whereas WTI fell 7.9% amid fears that the U.S. could ban diesel exports, a restriction that would curtail refining output and tighten global supplies.
Kpler’s preliminary data shows crude exports from major Middle‑East producers rose to 12.8 million barrels per day in September, the highest level since the February conflict. Saudi Arabia and the UAE lifted shipments, while a shift from Yanbu to Ras Tanura helped keep flows through the Strait of Hormuz near 7.4 million barrels per day. Traders now focus on the potential U.S. diesel export policy and the upcoming OPEC+ meeting for next week’s direction.