Iran live updates: Oil prices rise after strikes in Saudi Arabia, Strait of Hormuz

The price of oil rose sharply on Monday after the United States launched major combat operations in response to Iran's attacks on Saudi Arabian infrastructure. Brent crude oil prices surged past $107 a barrel, marking a nearly 3% increase, while U.S. benchmark WTI crude oil reached approximately $103 per barrel, also up around 3%. These prices reflect the global impact of the conflict and the strategic importance of the Strait of Hormuz, where multiple commercial vessels have been targeted in recent strikes.

Prior to the U.S. military actions, President Donald Trump announced a "crushing economic operation" aimed at pressuring Iran into submission. This comes after a series of joint U.S.-Israeli strikes in February, which targeted military, government, and infrastructure sites across Iran. Despite ongoing negotiations between the U.S. and Iran aimed at a war-ending deal, the talks have repeatedly stalled as both nations continue to exchange retaliatory strikes.

The recent diplomatic efforts were further complicated by the postponement of a planned meeting in Oman, where representatives from Iran and regional countries were to discuss arrangements for shipping through the Strait of Hormuz. Omani Foreign Minister Badr Albusaidi, speaking on X, emphasized the importance of consensus but noted the postponement in the interests of achieving it.

Despite these developments, Trump remains optimistic about the potential for a resolution, suggesting the conflict could end "right after the midterms," though he did not rule out an earlier conclusion.