Brent crude closed Monday at 109.55 dollars per barrel after trading above 110 dollars during the session, its highest level in five months, since May 19. West Texas Intermediate settled at 103.66 dollars, up 2.22 percent, its highest since mid-September. The Mexican Mix rose 0.43 percent to 99.59 dollars.
Hormuz remarks drive the rally
Prices were driven by supply-risk concerns after intensified fighting in the Middle East. Mohammad Reza Aref, Vice President of Iran, said Tehran had no choice but to exercise sovereignty over the Strait of Hormuz to safeguard its security. He said the United States was responsible for the current situation and must pay the consequences.
Market reads gradual recovery in flows
Alfonso Jarquín, investment director at Valmex Casa de Bolsa, said oil prices remained under pressure from the geopolitical conflict. He noted that there had been little recent news of progress in US-Iran agreement talks. Even so, he said the market showed a gradual recovery of energy flows in the region.
Oil has stayed above 100 dollars a barrel, and the Mexican Mix tracked the global benchmarks higher.
Related: Brent rises to $109.64 as tanker hit by mine near Hormuz · IMF sees oil averaging $95.74 a barrel in 2026 as Hormuz closes
