Oil heads higher as US-Iran peace talks in stalemate
Brent climbed above $106 a barrel as traders weighed renewed supply risks after Trump rejected Iran’s seven-day truce proposal, Reuters reported.
- On Monday, President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, pushing Brent crude futures above $106 a barrel as geopolitical tensions escalated.
- The ongoing conflict, which began February 28, 2026, disrupted global energy flows and prompted Tehran to propose a 7-day ceasefire at the United Nations General Assembly in exchange for sanctions relief and an end to the U.S. naval blockade.
- Brent crude rose 1.74% to $106.14 a barrel while U.S. West Texas Intermediate gained 1.23% to $93.55. Trump told Axios, "They want to make a deal, but it is not the deal that I want to make."
- Market volatility intensified as Asian equities declined and bond yields climbed amid inflation concerns. ANZ analysts warned that refined oil products remain a critical pressure point, intensifying inflation risks globally.
- Investors now focus on Wednesday's PCE Index for Federal Reserve policy signals, while Trump expects negotiations to resume this week despite reports he may consider military strikes after the midterm elections.
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Oil prices have been on high for months because of the war in the Middle East. The conflict between Iran and the US is still not resolved. In the road of Hormus, which is so important for the world's energy trade, tankers are being shot at, and the US reports that more warships are moving to the region. In view of this development, the fear of supply shortages is growing. This drives prices.Since the beginning of the year, Brent crude oil has be…
Global oil prices surged after Trump denied Iran sanctions relief. The US-Iran conflict and tensions in the Strait of Hormuz have again shaken energy markets.
OIL PRICES JUMP AFTER TRUMP DENIES IRAN SANCTIONS RELIEF IN PEACE TALKS
Crude climbed above one hundred three dollars a barrel after President Trump said he offered Tehran 'nothing' on sanctions, while Qatar pushes for a diplomatic breakthrough and Iran's Revolutionary Guards urge American voters to punish Trump at the ballot box.
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