The US-Israel-Iran war has now passed the one-month mark, leaving thousands dead and disrupting global energy markets.
Still, the war appears to be far from over, with the Houthis joining in over the weekend and no concrete developments in the talks.
“Take oil” or will it speak?
US President Donald Trump seemed to be in two minds over the weekend.
On the one hand, Trump has said that Washington is trying to “take the oil” from Iran, and is even considering taking over Iran’s oil export hub, Kharg Island. On the other hand, he claimed that Tehran had accepted “most” of his 15-point ceasefire plan.
However, Iran has publicly denied that it is in talks with the US, although reports suggest that communication takes place through intermediaries and back channels.
Reports also suggest the Trump administration is considering deploying an additional 10,000 troops to the region, including at least 5,000 US Marines and thousands of paratroopers from the famed 82nd Airborne. CENTCOM said over the weekend that 3,500 troops and sailors had reached the region aboard the USS Tripolis.
Oil prices are rising
Since the start of the war, the Brent crude oil benchmark has increased by more than 50%, and the steady rise in oil prices has not slowed.
Oil prices continued to rise amid the de facto closure of the key Strait of Hormuz, with Brent crude touching $116 on Monday and benchmark WTI settling at $102.88, the highest closing level since July 2022.
Although Iran has opened the strait to what it considers friendly nations — including India, Pakistan, Russia and China — most tankers remain anchored near the strategic waterway amid Iranian threats against enemy vessels.
Regional disturbances continue
With Iran retaliating against US and Israeli strikes, the entire Middle East has been thrown into chaos, with Gulf countries routinely reporting the interception of missiles and drones launched by Tehran.
On Monday, an Iranian attack on the giant Al-Salmi oil tanker in Dubai port caused a fire, with the Kuwait Petroleum Corporation warning that it could lead to an oil spill.
