Global oil prices climbed sharply in Asian trading on Monday after Donald Trump described Iran’s response to United States proposals aimed at ending the ongoing conflict as “totally unacceptable.”
International oil benchmark Brent crude rose by 4.1% to $105.50 per barrel, while US-traded crude gained 4.4% to reach $99.80, reflecting growing fears of prolonged instability in the Middle East and further disruptions to global energy supplies.
According to reports, Iran delivered its response through Pakistan, which has reportedly been acting as a mediator between the two sides. Tehran is said to have demanded an immediate end to the conflict and guarantees against future joint attacks by the United States and Israel.
However, reacting on social media, Trump rejected the proposal outright.
“I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it – TOTALLY UNACCEPTABLE,” he wrote.
Reports indicate that Washington’s conditions for a broader settlement included the restoration of unrestricted shipping through the Strait of Hormuz and the suspension of Iran’s nuclear enrichment programme.
The Strait of Hormuz, one of the world’s most critical shipping routes, has remained effectively closed since shortly after the conflict began on February 28. The waterway typically handles nearly one-fifth of global oil and gas shipments, making the disruption a major threat to international energy markets.
Benjamin Netanyahu has also maintained a hardline position, stating that the conflict would not end until Iran’s enriched uranium stockpiles are neutralised.
Although a ceasefire announced in early April created room for diplomatic negotiations, tensions have remained high, with occasional exchanges of fire continuing despite the truce.
On April 21, Trump extended the ceasefire indefinitely to allow Iran additional time to submit what he described as a “unified proposal,” but the latest developments suggest negotiations may now be at risk.
Energy markets have remained highly volatile since the outbreak of the conflict, with crude oil prices repeatedly surging amid fears of supply shortages and wider regional instability.
Major global energy firms have already reported massive gains as rising oil and gas prices boost revenues.
Saudi energy giant Saudi Aramco announced that its earnings rose by more than 25% during the first quarter of the year compared to the same period in 2025.
Aramco President and CEO Amin Nasser said the company’s cross-country pipeline network had become a “critical supply artery,” helping the company avoid major disruptions caused by the conflict.
Other multinational energy companies have also benefited from the price surge. BP reported that its first-quarter profits more than doubled, while Shell also announced a significant jump in earnings.
Analysts warn that if tensions continue and the Strait of Hormuz remains inaccessible, global fuel prices could rise even further, potentially worsening inflationary pressures and increasing economic uncertainty worldwide.
Source: Wesleyannews.com
Do you have a story to share? Send it to our editorial team at editor@wesleyannews.com