Oil Prices Surge as Trump Rejects Iran’s War Proposal

By Blessing Nweke

Global oil prices climbed sharply on Monday after U.S. President Donald Trump dismissed Iran’s response to Washington’s proposals aimed at ending the ongoing conflict in the Middle East as “totally unacceptable.”

International benchmark Brent crude briefly surged more than 4% to $105.94 per barrel before easing slightly to around $103, reflecting growing fears over prolonged disruptions to global energy supplies.

Iran reportedly sent its response through Pakistan, which has acted as a mediator between the two sides. According to Iran’s semi-official Tasnim news agency, Tehran demanded an immediate end to the conflict and guarantees against further U.S.-Israeli attacks.

Reacting on social media, Trump said he had reviewed Iran’s message and rejected it outright. U.S. demands reportedly included the restoration of safe shipping through the Strait of Hormuz and a halt to Iran’s nuclear enrichment activities.

The Strait of Hormuz, a vital shipping route carrying about one-fifth of the world’s oil and gas supplies, has remained effectively closed since the conflict began on February 28. Iran threatened to target vessels crossing the waterway in retaliation for U.S. and Israeli strikes.

Israeli Prime Minister Benjamin Netanyahu also insisted the war would not end until Iran’s enriched uranium stockpiles were eliminated.

Energy markets have remained volatile despite a ceasefire announced in April. Major oil companies, including Aramco, BP and Shell, have reported soaring profits as prices surged.

Aramco chief Amin Nasser warned that even if the Strait of Hormuz reopened immediately, global oil markets could take until 2027 to fully stabilize.