Oil heads higher as US-Iran peace talks in stalemate
Brent climbed above $105 a barrel as traders weighed renewed supply risks and expected talks between Washington and Tehran to continue this week.
- 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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379 Articles
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.
While Trump rejects an alleged offer to Iran, Tehran exacerbates its threats. Oil prices continue to rise.
Oil prices rose again on Tuesday as uncertainty over negotiations between the US and Iran is raising fears of higher inflation and shaking global markets. Brent crude, the international benchmark, rose about 2 percent to above $107 a barrel, while US WTI crude rose 1.8 percent to above $94 a barrel. These levels are significantly higher than prices in late February, before the outbreak of the war with Iran, when Brent was trading around $72 a ba…
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