Oil prices surged on Monday after US President Donald Trump told CNBC that he does not care if negotiations with Iran come to an end, raising concerns that Washington and Tehran may fail to reach an agreement to reopen the Strait of Hormuz to shipping traffic.

US West Texas Intermediate crude futures climbed more than 5% to settle at $92.16 per barrel, while global benchmark Brent crude rose more than 4% to close at $95.23 per barrel.

Trump's remarks came in response to a report by Iranian state media claiming that Tehran would suspend talks with the United States in response to Israeli attacks in Lebanon and was planning to completely close the Strait of Hormuz as a retaliatory measure.

Speaking in a phone interview with CNBC correspondent Eamon Javers, Trump said: “I really don’t care. I couldn’t care less. I think they’ve taken far too long. Frankly, I’m starting to think it’s becoming very boring.”

However, oil prices later trimmed some of their gains after Trump said on social media that Israeli Prime Minister Benjamin Netanyahu had agreed not to advance Israeli forces toward the Lebanese capital, Beirut.

Trump also indicated that talks with Iran were “still ongoing and moving at a rapid pace with the Islamic Republic of Iran.”

US crude had jumped more than 8% earlier in the session, but Trump said he was not concerned about rising oil prices.

“I think oil prices are going to come down very sharply in the near future,” he said.

Iran threatens to tighten the blockade

The weekend saw a fresh exchange of strikes between the United States and Iran, while Israel ordered its forces to push deeper into Lebanon, renewing concerns that the fragile ceasefire between Washington and Tehran could collapse.

According to Iran’s semi-official Tasnim News Agency, Tehran is demanding an end to Israeli attacks on Gaza and the withdrawal of Israeli forces from occupied areas in Lebanon before resuming negotiations with the United States.

The report added that Iran intends to fully close the Strait of Hormuz and expand pressure to other strategic routes, including the Bab el-Mandeb Strait, one of the world’s most important trade corridors linking the Red Sea and the Gulf of Aden.

Sharp market volatility

Last week, Brent and WTI crude posted their largest weekly losses since mid-April, falling 11.1% and 9.6%, respectively, amid hopes for progress in US-Iran negotiations.

Despite those losses, oil futures remain more than 30% higher since the US- and Israeli-led war against Iran began on February 28.

Goldman Sachs: Risks remain in both directions

Goldman Sachs said the risks surrounding its oil price outlook for the fourth quarter of 2026 remain “two-sided.”

The bank expects Brent crude to reach $90 per barrel and WTI crude to trade at $83 per barrel, while warning that continued supply disruptions in the Middle East could push prices higher. At the same time, a slowdown in global demand could create significant downward pressure on prices.

Three decades ago, shortly after graduating from Texas A&M University, I began my first job as a chemical engineer in Corpus Christi, Texas. At the time, few people would have predicted that this city on the Gulf of Mexico coast would one day become a central pillar of the global energy system. Corpus Christi was an important regional hub with refineries, petrochemical complexes, and a stable industrial base, but it was not considered a strategic asset on the international stage.

Today, it certainly is.

The Port of Corpus Christi has become the largest crude oil export hub in the United States, shipping enormous volumes of oil to global markets. Tankers leaving its docks now help supply Europe, Asia, and other regions with energy. What happened there is more than a local success story—it is a case study in how energy systems can change rapidly when the right conditions come together.

From import dependence to export dominance

The turning point was the shale revolution.

Advances in horizontal drilling and hydraulic fracturing unlocked vast quantities of oil and gas from formations such as the Permian Basin and the Eagle Ford Shale. As a result, US oil and gas production surged, reversing decades of decline and forcing policymakers to rethink the future of American energy.

But production growth alone was not enough. For decades, US policy had effectively restricted crude oil exports, so the entire infrastructure system—from pipelines to refineries—had been designed around domestic consumption.

When Congress lifted the crude export ban in 2015, a rapid transformation began. Suddenly, the United States needed a way to move millions of barrels per day to international markets.

Corpus Christi was in the right place at the right time to capitalize on that opportunity.

Where geography meets infrastructure

Corpus Christi enjoys a significant geographic advantage. It sits closer to the Permian Basin than Houston and has direct access to the Eagle Ford region.

As production expanded and pipeline networks grew, enormous volumes of oil began flowing toward the Gulf Coast at a pace that exceeded many expectations.

“There was oil coming out of the ground in far greater quantities than anyone expected,” said Port CEO Kent Britton. “Once exports were allowed, the entire system had to adapt quickly.”

That adaptation required major investment. Over the past decade, the port’s shipping channel has been deepened and widened, vessel traffic has been improved, and navigational capacity has been enhanced.

These upgrades are critical for competitiveness because every hour saved during loading and shipping operations reduces costs and improves margins for exporters.

The result is a system designed to handle enormous volumes efficiently, transforming the port from a regional facility into a high-capacity export platform moving more than two million barrels per day.

A fully integrated export ecosystem

What makes Corpus Christi particularly effective is the close integration of all parts of the system.

Pipelines transport oil from inland basins, storage facilities manage flows, marine terminals handle loading operations, and offshore facilities transfer cargo to the world’s largest oil tankers.

Each component depends on the others. If one part slows down, the effects ripple across the entire chain. When everything functions smoothly, the system can move enormous volumes with remarkable efficiency.

This integration did not happen by chance. It resulted from coordinated investments by infrastructure companies, pipeline operators, terminal developers, and port authorities, all responding to a single powerful signal: growing global demand for American energy.

The Permian Basin remains the driving force

Despite all the coastal infrastructure, the real engine behind Corpus Christi’s rise remains the Permian Basin.

Production there continues to grow, although the nature of that growth has changed. In the early years of the shale boom, rapid expansion was the defining feature. Today, financial discipline and industry consolidation have become the priorities, with major companies focusing on efficiency and long-term returns.

That shift has increased the importance of reliable export capacity because companies are planning over longer time horizons and need confidence that they can reach global markets without disruption.

At the same time, some constraints are beginning to re-emerge. Pipeline capacity is once again becoming a limiting factor for growth.

Britton noted that any substantial increase in exports from current levels would require additional transportation infrastructure.

Charif Souki, a pioneer in the liquefied natural gas industry, shares that view. As he put it: “The issue is not production. The issue is capacity.”

LNG: The next growth phase

If crude oil exports put Corpus Christi on the global map, liquefied natural gas may shape its future.

Global LNG demand has risen sharply, particularly in Europe, where energy security concerns have reshaped supply chains.

The United States is now the world’s largest LNG exporter, with the US Gulf Coast at the center of that expansion.

Corpus Christi already hosts one of the largest LNG facilities in the country, with additional projects under development.

“The next major wave of growth will come from LNG,” Britton said.

But success in this phase will depend on the same factors that supported the crude oil export boom: infrastructure, permitting, and execution.

Challenges ahead

Success brings new challenges.

In South Texas, water is one of the most pressing concerns. Refining, petrochemical operations, LNG projects, and even emerging hydrogen developments all require substantial amounts of water.

As industrial development accelerates, pressure on local water resources continues to increase.

Efforts are underway to address the issue through groundwater development, water recycling, and desalination projects.

The broader lesson is that energy systems do not operate in isolation. They depend on an entire network of supporting infrastructure.

As projects expand, these supporting systems become just as important as the natural resources themselves.

A transformation few saw coming

When I first arrived in Corpus Christi, I never imagined it would become one of the world’s most important energy gateways.

Yet that is exactly what happened.

The shale revolution provided the resources, policy changes opened global markets, private investment built the infrastructure, and effective management combined with rising global demand brought all the pieces together.

Corpus Christi is the product of that alignment.

The United States still possesses a resource base capable of sustaining its role as a major energy exporter for decades to come. But as Charif Souki noted, the real challenge is not production—it is building the systems capable of moving that energy efficiently.

Corpus Christi offers a clear example of what can be achieved when those systems come together, while also reminding us that such infrastructure does not build itself.

Major Wall Street indexes remained near record highs on Monday as investors balanced a fresh wave of artificial intelligence optimism led by [Nvidia](https://www.nvidia.com?utm_source=chatgpt.com) against rising uncertainty over prospects for a peace agreement that could end the three-month conflict between the United States and Iran.

Nvidia shares jumped about 4% after the company unveiled a new chip designed to run artificial intelligence applications directly on laptops and desktop computers.

The new chip is the result of a three-year partnership with [Microsoft](https://www.microsoft.com?utm_source=chatgpt.com) aimed at “reinventing the personal computer for the AI era,” according to Nvidia CEO Jensen Huang. Microsoft shares gained 2.5%.

The technology sector within the S&P 500 advanced 1.5%.

Semiconductor stocks show mixed performance

Semiconductor companies delivered mixed results:

* [Qualcomm](https://www.qualcomm.com?utm_source=chatgpt.com) fell 6%.

* [AMD](https://www.amd.com?utm_source=chatgpt.com) declined 3.1%.

* [Intel](https://www.intel.com?utm_source=chatgpt.com) dropped 4.4%.

Meanwhile, [Micron Technology](https://www.micron.com?utm_source=chatgpt.com) surged 5.7%, surpassing the $1,000 level for the first time in its history after gaining roughly 90% during May.

Brian Jacobsen, chief economist at Anx Wealth Management, said Nvidia may expand the overall market, but much of its gains could come at the expense of existing competitors.

He added that memory-chip makers such as Micron could benefit significantly because their products complement the processors used in next-generation AI-powered computers. He also noted that an AI-driven PC replacement cycle could boost demand for higher-end devices.

Oil prices weigh on sentiment

Despite support from technology stocks, investor sentiment remained cautious after oil prices climbed around 5%.

The move followed a report from the Iranian news agency Tasnim stating that Iran’s negotiating team had suspended talks with the United States in protest against Israeli attacks in Lebanon.

The rise in oil prices intensified concerns about inflation and the economic consequences of the conflict.

Market performance

As of 9:40 a.m. New York time:

* The Dow Jones Industrial Average fell 177 points, or 0.35%, to 50,855.46.

* The S&P 500 gained 0.02% to 7,581.88.

* The Nasdaq Composite rose 0.15% to 27,012.14.

Software sector recovery continues

Software stocks continued to recover from the sharp selloff seen earlier in the year amid concerns that artificial intelligence would disrupt traditional business models.

Shares of [ServiceNow](https://www.servicenow.com?utm_source=chatgpt.com) climbed 10.7%, while [IBM](https://www.ibm.com?utm_source=chatgpt.com) gained 6%.

The software services index rose about 3%, erasing all losses recorded since late January.

[Cadence Design Systems](https://www.cadence.com?utm_source=chatgpt.com) advanced 3% after launching a new AI-powered chip design agent built using Nvidia technologies.

Focus shifts to jobs data and the Fed

Investors are now looking ahead to Friday’s US employment report, which comes before the first monetary policy meeting under new Federal Reserve Chair Kevin Warsh later this month.

Concerns are growing that inflationary pressures linked to the Iran conflict could alter the outlook for equities.

Jacobsen said: “If the Strait of Hormuz is not reopened more broadly before the next Fed meeting, it is almost certain that the tone of the policy statement will become more hawkish.”

Markets are currently pricing in roughly a 70% probability of a quarter-point interest rate increase before year-end.

Earnings and a major acquisition

Attention is also turning to earnings from [Broadcom](https://www.broadcom.com?utm_source=chatgpt.com), scheduled for release on Wednesday, particularly after the strong guidance provided last week by [Dell Technologies](https://www.dell.com?utm_source=chatgpt.com) regarding demand for AI servers.

In corporate news, shares of [Taylor Morrison Home](https://www.taylormorrison.com?utm_source=chatgpt.com) jumped 22% after [Berkshire Hathaway](https://www.berkshirehathaway.com?utm_source=chatgpt.com) announced an agreement to acquire the company in a $6.8 billion all-cash deal.

Market breadth remains weak

Despite the major indexes trading near record highs, declining stocks outnumbered advancing stocks on both the New York Stock Exchange and Nasdaq, highlighting continued caution among investors amid rising geopolitical risks and higher energy prices.

Goldman Sachs has raised its year-end copper price forecast by more than 10%, now expecting copper to reach $13,735 per ton compared to its previous estimate of $12,465 per ton, citing lower mine production expectations and tighter market conditions outside the United States.

The bank said it reduced its forecast for global mine supply in 2026 by 350,000 tons following production disruptions at the Grasberg mine in Indonesia and the Kamoa-Kakula mine in the Democratic Republic of Congo. It added that neither operation is expected to return to full production capacity before 2028.

Larger global market deficit

Stronger-than-expected US copper imports also prompted the bank to raise its estimate for the copper market deficit outside the United States to 640,000 tons, up from a previous forecast of just 60,000 tons.

Goldman Sachs expects the market to remain supported by structural demand linked to the energy transition, grid expansion, and clean energy investments, despite ongoing risks from potential US tariff policies.

In a research note, Goldman Sachs analysts said: “US copper imports exceeded expectations during the first half of 2026, and we expect imports to accelerate again next month, supported by currently available arbitrage opportunities.”

They added that the bank’s base-case scenario assumes the United States will continue postponing tariffs on refined copper.

Citi is even more bullish

Meanwhile, Citi also raised its copper price outlook, forecasting copper to reach $14,500 per ton this month and $15,000 per ton within the next year.

Citi analysts said: “Ongoing concerns about potential US tariffs on refined copper could continue supporting market sentiment at least until the trade policy review at the end of June.”

The bank also noted that growth in mine supply and recycled copper production has been weaker than expected, while demand related to artificial intelligence and energy transition projects remains resilient.

Prices move higher

Copper on the London Metal Exchange rose 1.4% to $13,827.50 per ton.

Meanwhile, copper futures traded on the US Comex exchange climbed 2.6% to $6.55 per pound, widening the premium over London prices.

Companies that could benefit from higher copper prices

Among the companies that may benefit from a sustained rise in copper prices are:

* Freeport-McMoRan

* Southern Copper

* Ero Copper

* Taseko Mines

* Teck Resources

* Hudbay Minerals

* BHP

* Rio Tinto

* Vale

* Anglo American

* Glencore

The upward revisions from major investment banks reflect growing confidence that the copper market is heading into a period of relatively tight supply at a time when global demand is accelerating, driven by data centers, artificial intelligence, renewable energy projects, and electrical infrastructure investments.