Brent crude climbed 0.9% to $84.32 per barrel on Monday, the third consecutive session of gains, as US-Iran peace negotiations stalled over the weekend. Iran appointed Mohsen Rezaei, a hard-line former military commander, as head of its Supreme National Security Council, replacing Mohammad Bagher Zolghadr. At the same time, Iran signaled it is close to a deal with Oman over Strait of Hormuz shipping access, creating a mixed picture for supply risk.
Oil at $84 with upward momentum raises input costs across energy-intensive industries, and sustained prices above $85 historically pressure consumer spending and corporate margins. Energy sector stocks and ETFs benefit directly, while airlines, shipping companies, and manufacturers face cost headwinds. A Rezaei-led security council is seen as less likely to accept the concessions required for a swift nuclear or shipping agreement, which keeps a supply-disruption premium in the oil price.
Ongoing: US-Iran nuclear talks progress or breakdown. Next OPEC+ monitoring meeting: June 2025. Weekly US EIA crude inventory report: every Wednesday.
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