Oil: Brent Surpasses $65, U.S WTI Hits $61 Over Uncertainty
Oil prices increased in the global commodity market on Monday as investors priced in growing geopolitical risks tied to US-Iran tensions, while uncertainty over US trade policy added to market caution.
International benchmark Brent crude traded at $65.49 per barrel, up about 0.1% from the previous close of $65.40. US benchmark West Texas Intermediate (WTI) rose around 0.3% to $61.40 per barrel, compared with $61.20 in the prior session.
US Central Command chief Brad Cooper and Israeli military Chief of Staff Eyal Zamir discussed ways to strengthen defense cooperation during an extended meeting held amid Cooper’s visit to Israel, the Israeli army said.
According to military spokesperson Avichay Adraee, Cooper and Zamir first held a private meeting, followed by talks with senior commanders, aimed at deepening strategic ties between the two militaries. Cooper is also expected to meet Israeli Air Force Commander Tomer Bar during the visit.
The talks come as Israel grows increasingly concerned about a possible Iranian preemptive strike and as the US continues to bolster its military presence in the region amid heightened tensions with Tehran.
Markets are also closely monitoring US President Donald Trump’s stance on Greenland. Although Trump has stepped back from implementing tariffs, lingering uncertainty over possible negotiations related to the region continues to weigh on broader risk sentiment.
Despite geopolitical tensions, investors remain cautious about the longer-term outlook. Strong supply growth from non-OPEC producers has reinforced concerns that global oil markets could face a surplus later this year if production continues to outpace demand.
Meanwhile, attention is turning to this week’s Federal Reserve (Fed) policy meeting. Markets are widely expecting the Fed to leave interest rates unchanged, with pricing suggesting the first rate cut of the year could come as early as June. Global Growth Outlook to Remain Stable Amidst Headwinds
