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Crude oil futures end higher amid escalating tensions in Middle East

12 May 2026 Evaluate

Crude oil futures settled higher on Monday, as tensions in the Middle East intensified after the U.S. turned down Iran’s proposal aimed at ending the conflict. Meanwhile, reports indicated that President Donald Trump is expected to meet with his national security team to weigh a potential return to military operations, along with renewed discussions about escorting commercial vessels through Hormuz.

Benchmark crude oil futures for June delivery jumped by $2.65 or 2.78% to settle at $98.07 a barrel on the New York Mercantile Exchange. Brent crude for July delivery up by $2.88 or 2.92% to settle at $104.21 a barrel on the New York Mercantile Exchange. 


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