Global crude oil prices rose sharply on Monday after US President Donald Trump rejected Iran’s response to a US peace proposal and uncertainty over the Strait of Hormuz.
Reports indicated that Brent crude rose above $104 per barrel, while WTI reached $99 per barrel, marking an increase of more than 3%.
Since the start of the conflict, Brent crude has surged nearly $20 per barrel.
The rise reflects market concerns over potential disruptions in the strategic waterway and the broader geopolitical tensions between the US and Iran.
In a post on Truth Social, Trump said he had reviewed the response from the Iran’s so-called Representative and strongly disagreed with it.
“I have just read the response from Iran’s so-called ‘representatives’. I don’t like it — totally unacceptable,” read the post.
A day earlier, Iran formally conveyed its response to a US proposal through Pakistani mediators as diplomatic efforts intensify to end tensions in the region and secure a ceasefire in the Middle East.
According to Iran’s state news agency, Tehran sent its official position on Washington’s latest proposal via Pakistan, though details of the response were not disclosed. In a brief statement, the agency said Iran had submitted its reply through Pakistani intermediaries “with the aim of ending the war.”
Reports said the current phase of negotiations is focused solely on achieving a ceasefire and easing regional tensions, while broader political and security issues are expected to be discussed later.
The development came amid rising military tensions in recent weeks involving Iran, the United States, and Israel, prompting global powers to step up diplomatic efforts to prevent further escalation.
