Crude prices climb after President Trump rejects Iran’s demands, ending ceasefire negotiations and lifting oil benchmarks.
Brent crude rose to $104.86 a barrel and West Texas Intermediate reached $98.93 after US-Iran peace talks stalled. President Trump dismissed Iran’s response to a proposed deal as unacceptable, calling it “garbage.”
Earlier expectations of a ceasefire had weighed on oil prices, with negotiations seen as a potential catalyst for easing supply concerns. Iran’s demands included terms the US had previously ruled out.
Markets reacted by pushing oil benchmarks higher, reflecting renewed geopolitical risk premiums.