US-Iran War LIVE: Tanker struck at Dubai Port by Tehran, oil spill warning issued

The war between US-Israel and Iran has crossed the one-month mark now, leaving thousands dead and disrupting global energy markets.

Yet, the war appears to be far from over, with the Houthis joining in over the weekend and no concrete developments in talks.

‘Take the oil’ or talk it out?

US President Donald Trump, over the weekend, appeared to be in two minds.

On one hand, the Trump said Washington was looking to "take the oil" from Iran, and was even considering taking Iran's crude export hub, Kharg Island. On the other, he claimed that Tehran had accepted "most of" his 15-point ceasefire plan.

However, Iran has publicly denied being in negotiations with the US, though reports suggest that communication is taking place via intermediaries and back channels.

Reports also indicate that the Trump administration is mulling deploying an additional 10,000 troops in the region, including at least 5,000 US Marines and thousands of paratroopers from the famed 82nd Airborne. CENTCOM over the weekend said that 3,500 troops and sailors had reached the region aboard the USS Tripoli.

Oil prices soar

Since the war began, the Brent crude oil benchmark has risen by more than 50%, and the steady rise in oil prices has not slowed.

Amid the effective closure of the crucial Strait of Hormuz, oil prices have continued to climb, with Brent crude touching $116 on Monday and the WTI benchmark settling at $102.88, its highest closing level since July 2022.

Although Iran has opened the strait to what it deems as friendly nations — including India, Pakistan, Russia, and China — a majority of tankers remain anchored near the strategic waterway amid Iran's threats to non-friendly vessels.

Regional disruptions continue

With Iran retaliating against US and Israeli strikes, the entire Middle East has been plunged into chaos, with Gulf countries routinely reporting interceptions of missiles and drones launched by Tehran.

On Monday, an Iranian attack on the giant Al-Salmi oil tanker at the Dubai Port caused a fire, with the Kuwait Petroleum Corporation warning that it could lead to an oil spill.