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\n\tMeanwhile, the UAE bids farewell to OAPEC: File Image\/Pixabay<\/p>\n
\u201c<\/p>\n \n\tWe don\u2019t think Iran is going to have an epiphany<\/p>\n Jay Hatfield, CEO, Infrastructure Capital Advisors<\/p>\n
\n\tThe on-again off-again U.S.\/Iran conflict that has seen oil prices spike and retreat for the past month was back on the boil Monday, with the U.S. reportedly closer to resuming \u201cmajor combat operations\u201d with the Islamic Republic \u2013 and causing<\/a>\u00a0crude to soar by nearly 6 percent.<\/p>\n
\n\tSenior White House officials told<\/a>\u00a0chief national security correspondent Jennifer Griffin that \u201cWe are closer to the resumption of major combat operations than we were 24 hours ago after Iran fired on U.S. vessels and targeted United Arab Emirates today with missiles and drones and fast boats.\u201d<\/p>\n
\n\tMore than a dozen Iranian missiles and drones were launched, causing three people to be injured, while a drone strike triggered a fire at an oil refinery wounding three Indian nationals.<\/p>\n
\n\tWest Texas Intermediate settled up 4.3 percent at $106.42 per barrel, while Brent settled up 5.8 percent at $114.44.<\/p>\n
\n\tThe latest driver of oil trading was U.S. president Donald Trump\u2019s announcement<\/a>\u00a0on Sunday of \u201cProject Freedom,\u201d whereby starting Monday the military would help to \u201cfree\u201d cargo ships of nations that aren\u2019t involved in the Middle East conflict and that are stranded by the Strait of Hormuz closure.<\/p>\n
\n\tAs for Tehran\u2019s updated peace proposal delivered to Washington last Friday, which kindled optimism that a settlement between both parties could be reached, Trump rejected the offer on the grounds Iran was only trying to make a deal because it had no military left and the U.S.\u2019s blocking of Iranian ports was causing havoc with the country\u2019s economy.<\/p>\n
\n\tJay Hatfield, founder and CEO at Infrastructure Capital Advisors, said<\/a>, \u201cWe don\u2019t think Iran is going to have an epiphany and get rid of their nuclear capabilities, and so that\u2019s probably going to have to happen by force, and that\u2019s not going to be well received by the market.\u201d<\/p>\n
\n\tBut that\u2019s questionable, considering a strong first-quarter earnings season have driven stocks higher to new records in recent days; and even if the war drags on, Hatfield sees the S&P 500 hitting 8,000 by the end of the year.<\/p>\n
\n\tIn other oil news on Monday, the UAE officially withdrew from the Organization of Arab Petroleum Exporting Countries (OAPEC), following its decision to exit the Organization of the Petroleum Exporting Countries (OPEC).<\/p>\n