Web Desk: Global oil prices climbed sharply on Monday after US President Donald Trump rejected proposals from Iran related to a ceasefire and renewed negotiations, intensifying concerns over stability in the Middle East and the security of energy supplies.
Brent crude rose more than 3% to reach $104 per barrel, while US West Texas Intermediate (WTI) crude climbed to $99 per barrel, according to international market reports.
Analysts said uncertainty surrounding the Strait of Hormuz, a critical global oil shipping route, has heightened fears of supply disruptions and triggered volatility across energy markets.
Moreover, oil market tracking data showed Brent crude has gained nearly $20 per barrel since tensions between Washington and Tehran began escalating, fueling concerns about a potential global energy crisis.
“The market is reacting to geopolitical risk premiums,” energy analysts said, pointing to fears that any disruption in Gulf shipping lanes could tighten global crude supplies further.
Meanwhile, Trump dismissed Iran’s latest proposals on a ceasefire and diplomatic talks, calling them “unacceptable.”
In a statement posted on his social media platform Truth Social, Trump said he had reviewed the response sent by what he described as Iran’s “so-called representatives” and found it unsatisfactory.
However, neither Washington nor Tehran has announced any breakthrough in efforts to reduce tensions, leaving investors wary of further instability in the region.
The Strait of Hormuz remains one of the world’s most strategically important maritime corridors, with roughly a fifth of global oil supplies passing through the waterway. Continued uncertainty there could place additional pressure on energy-importing economies already grappling with inflation and slowing growth.
