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Oil prices surged on Monday as US President Donald Trump issued a stark warning to Iran regarding the stalled peace negotiations aimed at resolving ongoing conflicts in the region. Brent crude, the global benchmark, saw an increase of 1.7%, reaching $111.13 (£83.44), while US West Texas Intermediate oil rose by 2.1% to $107.62.
Escalating Tensions in the Strait of Hormuz
The energy market has experienced significant volatility following Iran’s effective closure of the Strait of Hormuz, a crucial maritime route through which approximately 20% of the world’s oil and liquefied natural gas typically transits. This move was reportedly in retaliation for recent US and Israeli military actions against Iran, which commenced on 28 February.
In a social media post, Trump stated, “They better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Iranian media outlets, however, have claimed that the US has yet to provide any substantive concessions in response to Tehran’s latest proposals, suggesting that the absence of compromise could lead to a “deadlock in the negotiations,” according to the semi-official Mehr news agency.
Trump’s Dire Warnings and Military Options
Trump’s recent communications echo previous threats where he suggested that a “whole civilisation” could cease to exist if Iran did not agree to a peace deal, just before a ceasefire was announced in early April. He described the current truce as being on “massive life support” after rejecting Iran’s demands as “totally unacceptable.” A meeting of his top national security
