LONDON: Oil led gains on Monday as fresh attacks in the Gulf intensified fears over supply disruption, pushing energy prices higher and sending ripples through global markets already under pressure from rising bond yields and geopolitical tensions.Brent crude rose 1.2% to $110.63 a barrel, while US West Texas Intermediate gained 1.0% to $106.42. Oil prices rose after a drone strike sparked a fire at a nuclear power plant in the United Arab Emirates, and Saudi Arabia said it intercepted three drones. US President Donald Trump warned Iran it must act “fast” to reach a deal. Tensions were further amplified by concerns over the Strait of Hormuz, where shipping has been heavily disrupted. Tehran is seeking to formalise tighter control over the waterway, which typically carries around 20% of global oil trade. “The closure is draining global oil inventories fast,” analysts at Capital Economics said. “Inventories could reach critical levels by end-June, setting the stage for Brent at $130-140pb, if not higher.” DNA
