Oil Prices Surge After Trump Rejects Iran Peace Propsal
Brent and West Texas Intermediate climbed above $100 as traders priced in a longer disruption to shipping through the Strait of Hormuz.
- On Monday, oil prices surged more than 4% after President Donald Trump rejected Iran's peace proposal on Sunday, calling it "TOTALLY UNACCEPTABLE!" in a social media post. The rejection prolongs closure of the Strait of Hormuz.
- Iran's proposal submitted Sunday demanded sanctions relief, an end to the U.S. blockade, and sovereignty over the Strait of Hormuz. The conflict, which began February 28, 2026, has effectively shut the waterway, disrupting one-fifth of global oil shipments.
- Brent crude jumped 4.2% to $105.58 per barrel Monday morning, while Asian markets opened mixed. Senior market analyst Priyanka Sachdeva noted the market "continues to trade like a geopolitical headline machine" reacting to warnings from Washington and Tehran.
- Israeli Prime Minister Benjamin Netanyahu warned on CBS News' "60 Minutes" Sunday that the war is "not over," citing the need to dismantle Iran's nuclear capabilities. The U.S. sea blockade of Iranian ports keeps the Strait effectively shut.
- President Trump arrives in Beijing on Wednesday to discuss Iran with Chinese leader Xi Jinping. Analysts hope Beijing can leverage its influence to push Tehran toward a ceasefire and help reopen the Strait of Hormuz.
161 Articles
161 Articles
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