Oil Prices Jump After Trump Rejects Iran’s Peace Proposal
India Rejects Russian LNG Under Sanctions Major institutions, including Goldman Sachs… Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
Oil prices rallied on Monday morning after U.S.
President Donald Trump rejected Iran’s response to a U.S.
peace proposal, “I don’t like it – totally unacceptable,” Trump said in aTruth Social post, quashing hopes for an imminent resolution to the Middle East conflict that kicked off in late February.Brent crudefor July delivery was up 1.% to trade at $103.3 per barrel at 9.48 am ET while WTI crude for June delivery gained 1.04% to trade at $96.41/bbl.
Last week, the White House offered a one-page, 14-point memorandum focused on an immediate end to fighting and reopening the Strait of Hormuz, while deferring more complex issues like Iran’s nuclear program for later talks.
Tehran’s response, delivered via Pakistani mediators, included demands for recognition of Iranian sovereignty over the Strait of Hormuz; payment of war reparations for damage caused during the conflict; lifting of all U.S.
sanctions and an end to the naval blockade of Iranian ports as well as the release of frozen Iranian assets.
Tehran has defended its stance,"Our demand is legitimate: demanding an end to the war, lifting the (U.S.) blockade and piracy, and releasing Iranian assets that have been unjustly frozen in banks due to U.S.
pressure," Foreign Ministry spokesperson Esmaeil Baghaei said.
Trump’s rejection of Tehran’s demands increases the risk of a return to a full-blown war.
"They are defeated, but that doesn't mean they're done," Trump told reporters on Monday, suggesting a potential return to kinetic action.
continues to monitor Iran's enriched uranium stockpiles viaSpace Force surveillanceand warned of further strikes if a real end to the nuclear issue is not reached.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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