Oil prices climbed sharply on Monday, May 18, as US President Donald Trump weighed possible military action against Iran amid deepening tensions across the Gulf region and continued uncertainty over the Strait of Hormuz.
The conflict entered its 80th day with diplomatic efforts appearing increasingly fragile, while concerns over energy supplies and regional security pushed global markets higher. Brent crude futures rose more than 1 per cent to 110.62 USD per barrel, while West Texas Intermediate climbed to 107.26 USD per barrel following reports of escalating tensions in the Middle East.
According to CNN, Trump has grown frustrated with Iran’s handling of negotiations and the continued disruption linked to the Strait of Hormuz, a vital route for global oil shipments. The report said the US president is now more seriously considering renewed military operations against Tehran despite publicly maintaining support for diplomacy.
Trita Parsi, executive vice president of the Quincy Institute, told Al Jazeera that the US administration appears to recognise that previous military pressure and economic blockades against Iran had failed to achieve their goals
Reuters and Axios reported that Trump is expected to meet senior national security advisers in the Situation Room on May 19 to discuss possible military options involving Iran.
The reports came amid concerns that nuclear negotiations between Washington and Tehran remain stalled.
Saudi Arabia said its air defences intercepted and destroyed three drones that entered the kingdom’s airspace from Iraq on Sunday morning.
Defence Ministry spokesperson Major General Turki al-Maliki said Saudi forces detected the drones before shooting them down.
Regional tensions intensified after the drone attack targeting the UAE’s Barakah nuclear power plant.
India condemned the attack, with the Ministry of External Affairs describing it as a dangerous escalation and urging restraint and diplomacy.
Iranian Vice President Mohammad Reza Aref said Tehran would no longer allow what it described as enemy military equipment to pass through the Strait of Hormuz, according to Press TV.
The statement added to concerns over shipping security in the Gulf region.
CNN reported that Iran is examining the strategic importance of subsea cables beneath the Strait of Hormuz that carry major internet and financial traffic between Europe, Asia and the Gulf.
Tehran is considering imposing charges on global technology companies using those cables.
Ali Akbar Velayati, senior adviser to Iran’s supreme leader, warned that the United States risked falling into a “strategic trap” if it launched another war against Iran.
He said Washington could further damage its credibility in West Asia through renewed military escalation.
The supertanker Agios Fanourios I, carrying Iraqi crude oil, resumed its journey towards Vietnam after being held by the US Navy in the Gulf of Oman for five days, according to Reuters citing LSEG shipping data.
The vessel is expected to arrive at Vietnam’s Nghi Son refinery on May 30.
As tensions escalated, Trump published a series of posts on Truth Social, sharing AI-generated images depicting missile strikes, maps of the Middle East and futuristic warfare themes linked to Iran.
The posts came amid continued diplomatic deadlock between Washington and Tehran.
An Israeli military official said Hezbollah launched around 200 projectiles towards Israel and Israeli troops over the weekend despite a ceasefire extension between Israel and Lebanon.
The official also accused Hezbollah of increasingly deploying fibre-optic first-person-view drones against Israeli forces.
Israeli airstrikes targeted areas in eastern and southern Lebanon on Sunday, according to Lebanese state media.
The strikes followed evacuation warnings issued near the southern coastal city of Sidonĝ
Iranian police chief Ahmad-Reza Radan said more than 6,500 alleged “traitors and spies” had been arrested since the start of the conflict, according to state broadcaster IRIB.
Iranian Foreign Minister Abbas Araghchi and South Korean Foreign Minister Cho Hyun discussed developments in the Gulf and Strait of Hormuz during a phone call.
Cho stressed the importance of ensuring maritime security and expressed hope for a diplomatic resolution to the crisis.
