NEW YORK: Oil prices edged up about 2 per cent to a two-week high in volatile trade on Monday as worries over supply disruption from the Iran war offset a report the US had agreed to waive sanctions on Iranian crude during talks.

Brent futures rose $2.15, or 2.0pc, to $111.41 a barrel at 12:30 p.m. EDT (1630 GMT), while US West Texas Intermediate (WTI) crude rose $1.98, or 1.9pc, to $107.40.

After rising and falling more than $2 a barrel in volatile trading on Monday, Brent was on track for its highest close since May 4 and WTI was on track for its highest close since April 7.

Last week, both contracts jumped more than 7pc as hopes dimmed for a peace deal to end the almost total closure of the Strait of Hormuz, through which about 20pc of the world’s oil supply passes.

Fatih Birol, head of the International Energy Agency (IEA), said that commercial oil inventories were depleting rapidly with only a few weeks’ worth left due to the conflict and the closure of the Strait to shipping.

Published in Dawn, May 19th, 2026