Oil Surges Past $107
Oil tops $107 a barrel after President Trump rejects Iran truce proposal.
Anonymous
Oil prices rose sharply Monday, with Brent briefly topping $107 a barrel and U.S. crude nearing $96, after President Donald Trump rejected Iran’s proposal for a seven-day truce and conditional reopening of the Strait of Hormuz. Tehran says reopening the route depends on the U.S. lifting its naval blockade and oil sanctions and releasing frozen Iranian assets; Trump rejected those terms but said negotiations could resume this week. Reports that U.S. strikes could resume after November’s midterm elections, continued regional attacks and the diplomatic stalemate heightened concerns about prolonged energy-supply disruption and renewed inflation pressure. Gulf exports have recovered from earlier lows but remain below pre-conflict levels, while markets are also watching possible U.S. diesel-export restrictions and an upcoming OPEC+ meeting.
Key Points
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Iranian Foreign Minister Abbas Araghchi said Iran was ready to negotiate but “fully prepared” to respond if the U.S. renewed military attacks.
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The Trump administration was reportedly warning Iran’s trading partners that continued business with Tehran could expose them to U.S. sanctions.
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The regional shipping risk also involves the Red Sea: the Houthis were reported to control Yemen’s entire Red Sea coast, including the Bab al-Mandab Strait, another vital shipping lane.
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Trump said the U.S. military was helping petroleum shipments move through the Strait of Hormuz and claimed more than 20 million barrels crossed over the weekend, the highest volume since hostilities began.
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Saudi-led coalition forces reported intercepting Houthi drones headed toward Riyadh and a missile aimed at Khamis Mushait, with alerts also issued near Abha and Jazan, where Aramco facilities are located.
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