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Oil prices climbed sharply in Asian trading on Monday after U.S. President Donald Trump dismissed Iran’s response to a U.S.-backed peace proposal as “totally unacceptable,” fueling renewed concerns over Middle East tensions and global crude supply disruptions.
Brent crude futures surged 3.1% to $104.43 per barrel, while West Texas Intermediate (WTI) crude rose 3.1% to $98.33 per barrel during early trading. The strong rebound in oil markets came as investors reacted to growing uncertainty surrounding the ongoing conflict involving Iran and the security of the Strait of Hormuz, one of the world’s most critical oil shipping routes.
Trump’s remarks significantly reduced hopes for a quick diplomatic breakthrough between Washington and Tehran. Reports suggest the original U.S. proposal included a 20-year suspension of Iran’s uranium enrichment program, the removal of highly enriched uranium reserves, and the dismantling of major nuclear facilities in exchange for sanctions relief and an end to military operations.
Iran reportedly responded through Pakistani mediators, demanding the removal of economic sanctions, the withdrawal of U.S. naval forces near the Strait of Hormuz, security guarantees, and recognition of its right to maintain limited nuclear activities. According to reports, Tehran also proposed diluting part of its enriched uranium stockpile while transferring the remainder to a third country.
The Strait of Hormuz remains a key concern for energy markets, as shipping activity has been heavily disrupted since the conflict intensified. Oil prices had previously fallen last week amid speculation that both sides were nearing a temporary agreement to stabilize regional shipping routes.
Market attention is also turning to Trump’s upcoming visit to China, where he is expected to meet President Xi Jinping. Discussions are likely to focus on trade relations, Taiwan, and the Iran crisis, with China viewed as a major diplomatic influence due to its strong economic relationship with Tehran.
