Oil Prices Surge Amid Rising Gulf Security Tensions

WASHINGTON: (Web Desk) – Oil prices climbed sharply in international markets on Monday after fresh attacks in the Gulf region intensified fears of possible supply disruptions, adding pressure to already volatile global financial markets.

Brent Crude increased by 1.2 percent to $110.63 per barrel, while West Texas Intermediate gained 1.0 percent to reach $106.42 per barrel.

The surge followed reports of a drone strike that sparked a fire at a nuclear power facility in the United Arab Emirates, while Saudi Arabia announced that its forces had intercepted three drones.

Market concerns also intensified after Donald Trump warned that Iran must act “fast” to reach an agreement with Washington.

Traders remained particularly focused on the Strait of Hormuz, a critical maritime corridor responsible for nearly 20 percent of global oil shipments, amid fears of escalating regional tensions.

Soil Degradation Due to Excessive Fertilizer Use

In a related development, the United States reportedly imposed five strict conditions on Iran for any future peace negotiations.

According to reports, Washington rejected Tehran’s demand for compensation related to damages caused by earlier bombings and ruled out any direct financial payments.

The US also reportedly restricted Iran to transferring only 400 kilograms of enriched uranium to a single nuclear facility while offering limited flexibility by easing only 25 percent of restrictions on frozen Iranian assets.

Washington further emphasized broader negotiations aimed at easing tensions across the region, including issues involving Lebanon.