Oil Markets Volatile as Israel Strikes Iranian Port Amid Fragile U.S. Ceasefire

Global energy markets experienced significant volatility over the last 24 hours as Brent crude surged toward $118 per barrel. The price spike followed President Trump’s announcement that major strikes on Iranian energy infrastructure would be postponed after "productive talks," even as reports emerged of ongoing U.S. precision hits on critical power sites. The uncertainty was compounded by Israel’s independent military action at the Bandar Anzali Port, where the IDF targeted a Russian arms pipeline allegedly carrying Shahed drones and ammunition to Tehran. Diplomatically, the situation remains precarious. While Secretary of State Marco Rubio and President Trump have signaled a move toward de-escalation, Iranian Foreign Ministry Spokesperson Esmail Baghaei stated that Tehran is still reviewing U.S. proposals and will not adhere to external deadlines. This resistance comes despite a one-week ultimatum issued by President Trump on May 6 regarding uranium stockpiles and the reopening of the Strait of Hormuz. Concurrently, Russia appears to be deepening its military ties with Tehran during the lull in major hostilities. Reports indicate Moscow is supplying Iran with advanced fiber-optic drones and satellite imagery of U.S. regional bases. While South Asian powers India and Pakistan have expressed support for a ceasefire, regional tensions remain high as shipping insurance premiums in the Persian Gulf rose by 15% due to the threat of Iranian retaliation against oil facilities.