Oil markets rise sharply as President Trump rejects Iran’s peace offer, fueling supply concerns amid geopolitical tensions.
Brent crude surged 3.33% to $104.60 per barrel in early Asian trading Monday after President Trump rejected Iran’s response to a U.S.-drafted peace proposal. West Texas Intermediate climbed 3.35% to $98.62 per barrel, mirroring the gains.
The spike followed Trump’s social media post labeling Iran’s proposal “totally unacceptable,” without detailing its contents. Markets had anticipated a potential easing of sanctions, but the rejection heightened fears of prolonged supply disruptions.
Traders are now pricing in elevated geopolitical risk, though no immediate military action was announced.