Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier.

Brent crude futures LCOc1 rose $4.42 or 4.47 per cent to $97.15 a barrel as of 0609 GMT, while U.S. crude futures were up $4.07 or 4.50 per cent at $94.61 per barrel.

Israel said on Monday it hit a petrochemical plant in Iran’s southwest, along with strikes elsewhere on military targets. That’s despite US President Donald Trump reportedly telling Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.

In the first hit on an energy site inside Iran since the April 8 ceasefire, Israel said it struck targets at the Mahshahr petrochemical complex. A provincial official told Iran’s semi-official Fars news agency parts of the plant were damaged.

Hopes are now eroding for an imminent end to the wider war and a restart to crude flows through the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas used to transit.

Monday’s gains erased Friday’s losses, when prices fell on hopes of a de-escalation in the US-Iran conflict. Oil prices have climbed just under 60 per cent since the start of the war in late February but remain below highs marked in March when Brent reached nearly $120 per barrel.

On Sunday, Iran fired a salvo of missiles at Israeli targets in retaliation for the strikes on Lebanon. Even so, US President Donald Trump insisted that an agreement to end the wider war remains well within reach.

Iran has made a ceasefire with Lebanon a condition for a peace deal with Washington.

Israel invaded Lebanon in March after Iran-backed Hezbollah fired rockets and drones across the border. Lebanon and Israel said on June 3 that they had agreed to a ceasefire following negotiations in Washington.

On Monday, Iran’s ambassador to Moscow was quoted as saying that the Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee.

“Of course, this strait will be open, but with new conditions to be determined by the Iranian and Omani authorities,” Ambassador Kazem Jalali told the Russian newspaper Izvestia in an interview published on Monday.

Tehran has been blocking most shipping through the Strait of Hormuz, while Washington has imposed its own blockade of Iranian ports.

Amid the resulting supply crisis, OPEC+ on Sunday agreed its fourth increase in oil output in four months. But analysts said the decision would have little impact since most OPEC+ members could not meet their output targets because of the Hormuz closure or, in the case of Russia, infrastructure attacks that have eroded its production capacity.

“In the current market, the physical impact of such a decision would be close to zero,” Rystad Energy’s head of geopolitical analysis, Jorge Leon, said in a note to clients.

Read: Israel strikes Iran after missile attack despite Trump’s push for restraint

Saudi Arabia’s Ministry of Health has launched a nationwide campaign to strengthen oversight of medical examinations conducted for expatriate workers, underscoring its commitment to healthcare quality and public safety.

The initiative is designed to improve the reliability and accuracy of medical screening results while ensuring healthcare providers comply with approved health regulations. Authorities said the campaign forms part of broader efforts to enhance healthcare standards and reinforce confidence in the medical examination process, a Saudi Gazette report said.

Violators face heavy penalties

As part of the campaign, the ministry will verify that healthcare facilities adhere to approved examination procedures, maintain and calibrate laboratory equipment properly, and employ qualified technical personnel. The inspections will also focus on identifying and preventing practices that could undermine the integrity of test results.

The ministry warned that violations could result in fines of up to SAR100,000. Offending facilities may also face temporary closure for up to 60 days or have their operating licenses revoked.

Officials reaffirmed that oversight and inspection activities will continue to ensure compliance with regulatory requirements and support efforts to protect public health.

The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Iran’s ambassador to Moscow was quoted as saying on Monday.

The US-Israeli conflict with Iran has largely cut oil flows via the strait, which before the conflict saw one-fifth of the world’s oil pass through. Several tankers have managed to leave the Gulf recently, but oil and liquefied natural gas flows are still severely constrained.

Read more-Higher costs, tighter margins: How Hormuz disruptions are testing UAE food supplies

“Of course, this strait will be open, but with new conditions to be determined by the Iranian and Omani authorities,” Ambassador Kazem Jalali told the Russian newspaper Izvestia in an interview published on Monday.

“We understand that Iran and Oman provide certain services related to this strait. And fees will be charged for those services,” he said without elaborating.

Iran has asserted that a permanent peace deal should allow it to demand fees for ships passing through the strait, which would vary depending upon the type of ship, its cargo and prevailing conditions.

That position is vehemently opposed by US President Donald Trump. In late May, the US warned Oman not to get involved in any effort with Iran to impose a toll and Treasury Secretary Scott Bessent said Oman’s ambassador had told him there were no plans to impose such tolls.

On Monday, Israel said it struck military targets in western and central Iran, even after Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.

Japan, which imported about 95 per cent of its oil needs from the Middle East before the war, said it did not pay a fee after a Japan-linked crude oil tanker passed through the waterway in May.

Iraq has temporarily closed its airspace for 72 hours as a precautionary measure amid escalating regional security tensions, grounding and rerouting all commercial flights operating to, from and through the country.

The Iraqi Civil Aviation Authority (ICAA) announced the emergency measure on June 7, saying the decision follows ongoing assessments of the domestic security situation and aims to safeguard civil aviation operations, passengers and air navigation services.

According to a statement carried by the Iraqi News Agency (INA), the closure applies to all incoming, departing and transit commercial flights across Iraq and the Kurdistan Region. The authority said the suspension will remain under continuous review, with operational updates to be communicated directly to airlines and international aviation stakeholders as the regional situation evolves.

The move comes as airlines across the Middle East continue to navigate airspace restrictions and route adjustments triggered by heightened geopolitical tensions and military activity in the region.

In a separate statement issued on Sunday, the head of the Iraqi Civil Aviation Authority, Bankin Rekani, dismissed reports circulating on social media claiming that a civilian aircraft had crashed within Iraqi territory or airspace.

Rekani said the reports were “baseless”, stressing that Iraqi airports and airspace are subject to continuous monitoring by the relevant authorities and that no such incident had been recorded.

He urged media organisations and social media users to verify information through official channels and avoid spreading unconfirmed reports that could create public anxiety or confusion.

The authority reiterated that aviation safety remains its top priority and said all decisions regarding airspace operations will continue to be based on real-time security assessments and technical evaluations.

The temporary closure is expected to affect regional airline schedules, transit operations and passenger movements, with carriers likely to implement alternative routings and operational adjustments until Iraqi airspace reopens.

BNW Developments, one of UAE’s real estate developers, has launched “The BNW Green Print”, a company-wide sustainability initiative designed to integrate digital innovation and environmental responsibility into its day-to-day operations.

Introduced in recognition of World Environment Day 2026, the week-long programme reflects the developer’s broader commitment to advancing sustainable practices across the real estate sector. Through a two-pronged approach, BNW aims to reduce its environmental footprint while fostering greater awareness and participation among employees.

Digital transformation drives paper reduction

At the heart of the initiative is the company’s move to tackle paper waste, an environmental challenge that continues to contribute to deforestation, water consumption, energy usage and carbon emissions globally.

Read more-BNW Developments posts record Q1 with Dhs802m sales amid strong UAE demand

As part of the programme, BNW Developments has fully digitised its Sales Purchase Agreement (SPA) and Booking Form processes across its entire portfolio. The transition to a paperless system is expected to generate significant environmental benefits, helping the company save approximately 110,400 sheets of paper annually.

According to BNW, the initiative will eliminate an estimated 1.1 tonnes of paper waste each year while preventing roughly 2.91 tonnes of carbon dioxide emissions. The move also aligns with the growing adoption of digital-first solutions within the real estate industry, where operational efficiency and sustainability are increasingly becoming strategic priorities.

Employees take part in hands-on sustainability efforts

Beyond operational changes, BNW extended the initiative throughout its offices by encouraging employees to participate directly in environmental activities.

Team members took part in a recycling workshop that transformed discarded plastic bottle caps into bespoke lapel pins, creating a tangible symbol of the company’s sustainability goals. The exercise was designed to highlight the value of reusing materials while reinforcing environmentally conscious behaviour in the workplace.

At the same time, employees across the organisation updated their LinkedIn banners with a unified sustainability message, amplifying the campaign’s reach and promoting collective environmental responsibility among professional networks.

Sustainability at the core of growth strategy

Commenting on the initiative, Dr (CA) Ankur Aggarwal, chairman and founder of BNW Developments, said: “Sustainability is not a campaign for us; it is a conviction. The BNW Green Print is our way of saying that the places we build must give back to the planet they stand on. From the reduction of paper waste to the pins on our lapels, every act is intentional, and together, they add up to something that matters.”

The launch of The BNW Green Print underscores the company’s long-term commitment to balancing growth with environmental stewardship. As BNW Developments continues to expand its footprint, the developer says sustainability will remain central to its vision, with future projects designed to deliver both innovation and lasting environmental value.