Oil prices on Monday rose sharply to reach $105 per barrel after US President Donald Trump rejected Iran’s latest response to his proposal, keeping the ceasefire on edge and leaving the Strait of Hormuz
effectively closed.
WTI crude futures climbed 4 per cent to touch once again $100 per barrel-mark, while Brent crude touched $105 per barrel-mark following the rejection of the proposal.
Gold prices slipped following the development and fell $4,700 per ounce on Monday, eroding the past week’s gains, which had come on the hopes of peace resolution for the 10-week-long war.
Gift Nifty Trades Lowers
Gift Nifty traded lower on Monday morning, indicating a weak start for Indian equities. As of 7:14 AM IST, Gift Nifty was down 193 points, or 0.80 per cent, at 24,047 after opening at 24,280.
Trump Calls Iran’s Position As ‘Totally Unacceptable’
On Truth Social, Trump called Tehran’s position as “totally unacceptable”, after Iranian state media released details of its response to Washington’s latest diplomatic outreach. This marked a major setback to hopes of an imminent breakthrough in negotiations.
“I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it — TOTALLY UNACCEPTABLE!” Trump wrote in the post.
The President did not elaborate further on which elements of Iran’s proposal were rejected.
The US proposal had been floated in recent days in an effort to restart peace talks and de-escalate the 10-week conflict that has disrupted shipping in the Strait of Hormuz, driven up global oil prices and heightened tensions across the Middle East.
Iran’s response, however, reportedly focused on demands that included compensation for war damages, recognition of Iranian sovereignty over the Strait of Hormuz, lifting of sanctions and guarantees against future attacks.
