Oil extends gains, Brent crosses $111

Oil drilling rigs

Oil prices rose at the close of trading today, May 18, as supply disruptions concerns due to the war in the Middle East overshadowed reports that the US had agreed to suspend sanctions on Iranian crude.

 

This came in the wake of a post by US President Donald Trump on Truth Social where he said that time was running out for Iran. Additionally, the International Energy Agency warned that global oil stocks were being depleted very quickly and that there was only enough left for a few weeks.

 

Concerns about a worsening oil supply crisis and the risk of renewed military operations in the Middle East overshadowed reports that Pakistan had delivered a revised Iranian negotiating proposal to the US.

 

The proposal included a clause stipulating that the US would suspend sanctions on Iranian oil, to which the US administration reportedly agreed.

 

Brent, WTI Futures Prices

Crude

Price ($/bbl)

Change ($)

 

Change

Brent (July delivery)

112.10

2.84

+2.6%

US WTI (June delivery)

108.66

3.24

+3%

*Settlement on May 18.

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