Oil Prices Surge After Trump Rejects Iran Peace Offer
Oil Tankers Go Dark to Exit the Strait of Hormuz Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices spiked in early Asian trade on Monday after President Trump unequivocally rejected Iran's response to a U.S.-drafted peace proposal.
At the time of writing,Brent crudewas up 3.33%, trading at $104.60 per barrel, whileWest Texas Intermediatehad risen to $98.62 per barrel, up 3.35%.
The spike followed a social media post from Trump on Sunday evening in which he described Iran's response to the proposal as "totally unacceptable".
The President did not disclose details of Iran’s response, but he has repeatedly warned that if an agreement is not reached quickly, then renewed military escalation would be the next step.
The Iranian proposal, which was submitted on Sunday morning,reportedlycalled for an immediate end to the war on all fronts, Iran's management of the Strait, and an end to the U.S.
allies in the region havemade it clearthat Iranian control of the Strait, or any sort of toll, would be entirely unacceptable as an outcome.
In a social mediapostseveral hours before his rejection of the deal, President Trump had accused Iran of 'playing games' with the U.S.
by using delay tactics, suggesting his patience with the peace talks may be wearing thin.
Markets will now be focusing on Trump’s visit to Beijing on Wednesday, where discussions are sure to include Iran and whether Beijing will use its influence over the country to somehow reopen the Strait of Hormuz.
Oil prices remain significantly below last week's levels when reports of a potential peace deal first broke, and while there is plenty of upside risk if talks completely break down, hopes of a Chinese intervention should cap gains in the short term.
US Hits Iran-Flagged Oil Tankers While Peace Talks Continue Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Strait of Hormuz Faces Full Shutdown as Iran Escalates Standoff U.S.
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| 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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