The price of oil rose on Monday as Donald Trump sharply rejected Iran’s response to American proposals to end the war. Trump criticized Iran’s response, calling it “TOTALLY UNACCEPTABLE!” in a message on his Truth Social network. Oil prices surged before Asian markets opened, with Brent crude gaining 3.29% to $104.62 a barrel as the reopening of the Strait of Hormuz seemed unlikely due to Iran’s blockage since February 28.
After a month-long truce between the two parties, hopes for resolving the conflict are dim as neither side has publicly revealed their proposals. Iran responded to the American plan without providing details, focusing on ending the war on all fronts and ensuring maritime security.
According to reports from the Wall Street Journal, Tehran’s proposal includes a gradual reopening of the Strait of Hormuz and the simultaneous lifting of the American blockade on Iranian ports.
Meanwhile, Iran is suspected of enriching uranium for nuclear arms, although it claims it’s for civil nuclear purposes. Israeli Prime Minister Benjamin Netanyahu urged Iran to remove enriched uranium and dismantle enrichment sites while expressing hope for the end of Iranian influence in Yemen, Gaza, and Lebanon.
New drone attacks were reported in the Gulf, targeting ships in Qatar and Kuwait. The US military recently struck two Iranian oil tankers in the Gulf of Oman. International efforts are underway to secure the Strait of Hormuz and resolve the conflict, as Iran warns of a decisive response to any deployment of military forces by France and the UK in the region.
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