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What is the story about?
Oil prices increased for the third day as US President Donald Trump pressured Iran again to come to a deal to end the weeks of war in West Asia and reopen the key Strait of Hormuz waterway.
Brent increased over $110 a barrel, while West Texas Intermediate surged towards $107 a barrel.
Trump posted on social media Sunday that “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
Oil has risen more than 50% since the US and Israel first attacked Iran at the end of February, with subdued flows through the Strait of Hormuz crimping supply from Persian Gulf producers. The market is in “a race against time” as the factors that restrained price rises from the war stand to come under strain if the vital waterway stays closed into June, Morgan Stanley said last week.
Further pressure on supply came as the Trump administration let a waiver for Russian crude sales lapse. That came despite a request by India to extend the measure.
Energy facilities were targeted in the Persian Gulf over the weekend, with an attack by drones sparking a fire at a United Arab Emirates nuclear facility and underscoring the fragility of the ceasefire.
Trump met Saturday with Vice President JD Vance, White House envoy Steve Witkoff, Secretary of State Marco Rubio and CIA Director John Ratcliffe to discuss the war, Axios reported Sunday. He is expected to meet again with his national security team on Tuesday.
“We want to make a deal,” Trump told Axios, adding he’s waiting for an updated Iranian proposal. “They are not where we want them to be. They will have to get there or they will be hit badly, and they don’t want that.”
A member of Israeli Prime Minister Benjamin Netanyahu’s security cabinet, Zev Elkin, said the country was poised to resume strikes on Iran should Trump decide to do so. “We have targets that we want to hit,” Elkin told Kan radio.
Since the ceasefire began on April 8, Trump has repeatedly threatened to resume the bombing campaign that began on February 28.
With inputs from Bloomberg
Brent increased over $110 a barrel, while West Texas Intermediate surged towards $107 a barrel.
Trump posted on social media Sunday that “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
Oil has risen more than 50% since the US and Israel first attacked Iran at the end of February, with subdued flows through the Strait of Hormuz crimping supply from Persian Gulf producers. The market is in “a race against time” as the factors that restrained price rises from the war stand to come under strain if the vital waterway stays closed into June, Morgan Stanley said last week.
Further pressure on supply came as the Trump administration let a waiver for Russian crude sales lapse. That came despite a request by India to extend the measure.
Energy facilities were targeted in the Persian Gulf over the weekend, with an attack by drones sparking a fire at a United Arab Emirates nuclear facility and underscoring the fragility of the ceasefire.
Trump met Saturday with Vice President JD Vance, White House envoy Steve Witkoff, Secretary of State Marco Rubio and CIA Director John Ratcliffe to discuss the war, Axios reported Sunday. He is expected to meet again with his national security team on Tuesday.
“We want to make a deal,” Trump told Axios, adding he’s waiting for an updated Iranian proposal. “They are not where we want them to be. They will have to get there or they will be hit badly, and they don’t want that.”
A member of Israeli Prime Minister Benjamin Netanyahu’s security cabinet, Zev Elkin, said the country was poised to resume strikes on Iran should Trump decide to do so. “We have targets that we want to hit,” Elkin told Kan radio.
Since the ceasefire began on April 8, Trump has repeatedly threatened to resume the bombing campaign that began on February 28.
With inputs from Bloomberg
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