Oil prices rose sharply in Monday morning trading in Asia after President Donald Trump dismissed Iran's response to U.S. proposals to end the conflict, calling it 'totally unacceptable.'
Brent crude surged 3.8% to $105.20 a barrel, while U.S. crude climbed 4% to $99.30. Tehran, via Pakistan as mediator, demanded an immediate end to the war and guarantees against future U.S.-Israeli attacks, according to Iran's Tasnim news agency.
Washington's terms included reopening the Strait of Hormuz, effectively shut since February 28, and suspending Iranian nuclear enrichment. Israeli Prime Minister Benjamin Netanyahu stated the war won't end until Iran's enriched uranium stockpiles are 'taken out.'
A ceasefire from early April has largely held, with Trump extending it indefinitely on April 21. Energy prices have swung wildly; oil has stayed above $100 a barrel since the ceasefire began. Saudi Aramco reported a 25% profit jump in Q1 2025, citing its cross-country pipeline as a critical supply artery amid shipping disruptions.