Oil prices increased on 4 May, with Brent crude rising to $111.81 per barrel and the US West Texas Intermediate (WTI) reaching $105.34 by 11:24 ​GMT, reported Reuters.

This follows a drop at the end of last week and reflects ongoing uncertainty over the outcome of talks between the US and Iran, as a formal agreement remains unresolved.

Brent crude futures rose $3.64, or 3.4% on Monday after settling $2.23 lower on Friday. US WTI gained $3.40, or 3.3%, following Friday’s decline of $3.13.

Meanwhile, the US confirmed it would take action to support ships affected by disruptions in the Strait of Hormuz, where maritime movements remain limited.

US President Donald Trump stated that authorities would begin efforts to aid vessels stranded in the area. Prices retained levels above $100 per barrel while negotiations failed to yield an agreement and transit remained affected.

Iran's military warned US forces not to enter the strait, saying that Iranian forces would "respond harshly" to any perceived threat.

Talks between the two countries continued over the weekend, with both parties reviewing each other's latest responses.

President Trump has prioritised reaching a nuclear agreement with Tehran. However, Iran has insisted it will postpone such discussions until a later stage and has asked that regional shipping blockades be lifted before talks resume.

The UK Maritime Trade Operations agency reported that a tanker travelling near Fujairah, UAE, was struck by unidentified projectiles.

In a separate development, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) announced that it would increase oil output targets for seven members by 188,000 barrels per day (bpd) in June, marking the third consecutive monthly increase.

The group said this rise matches the target set for May, despite the UAE’s departure from OPEC earlier in the month.