Commerzbank analysts highlight that Brent has climbed above $111 per barrel as the Iran conflict continues and Trump links any ceasefire deal to free Oil traffic through the Strait of Hormus. The IEA warns against fuel hoarding during the Iran war, while OPEC+ agrees a modest quota hike for May and voices concern over attacks on energy infrastructure.

Iran conflict and OPEC+ keep Brent elevated

"Today, focus looks set to remain firmly on developments in the Middle East. While attacks have continued over the weekend, latest sources reports about a last minute ceasefire proposal and Trump's extension of a deadline to Tuesday night offer a glimmer of hope. So far, Iran has rejected a ceasefire. Meanwhile, Brent futures have risen considerably over the weekend, with oil now trading above $111/bbl."

"Trump shifts deadline from today to Tuesday 8pm E.T., threatens to strike key infrastructure by midnight if no deal is made. Says the entire country "can be taken out in one night". Trump says that free oil traffic through Strait of Hormus must be part of any deal."

"IEA warns countries against hoarding fuel during Iran war (FT). OPEC+ agrees 206K b/d quota hike for May, expresses concern over attacks on energy infrastructure."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)