While the May contract expires on Tuesday, the more actively traded June contract rose slightly to trade near $108. The US President has reportedly decided that the United States should instead focus on crippling the Iranian navy and missile stockpiles before scaling back current combat operations. Prices fluctuated in early Tuesday trading after Iran targeted a Kuwaiti oil tanker in a drone attack. Tehran has frequently targeted vessels across the Gulf since the conflict began, including attacks on two ships near Iraq. “There is a possibility of a quick operation, quick entry, making some noise, blowing something up,” as the United States seeks a path out of the conflict.

Source: Daily News Egypt March 31, 2026 20:18 UTC