Oil prices rise as Trump rejects Iran’s response to US proposal to end war
Donald Trump rejected Iran’s response to a US peace proposal as 'totally unacceptable,' causing oil prices to surge by 4% to $105.50 per barrel amid fears the 10-week conflict will escalate. Meanwhile, Israel continued airstrikes in Lebanon despite a ceasefire, while Turkey and Western allies planned meetings to address regional security and restore trade flows through the Strait of Hormuz.
Former US President Donald Trump dismissed Iran’s reply to Washington’s peace initiative as 'totally unacceptable' on Truth Social, escalating tensions in the 10-week-old conflict. The US had proposed ending hostilities before addressing contentious issues like Iran’s nuclear program, but Tehran’s response included demands for a broader ceasefire, including in Lebanon where Israel battles Iran-backed Hezbollah. Trump’s rejection triggered a 4% spike in Brent crude oil prices to $105.50 per barrel, reflecting concerns that the war will persist, particularly after US and Israeli strikes on Iran disrupted shipping in the Strait of Hormuz. Trump is set to meet Chinese officials in Beijing on Wednesday, where he plans to leverage China’s influence to push Iran toward a deal. Oil prices remain volatile, with Brent crude up 50% since the conflict began, as global markets brace for prolonged disruptions to energy supplies. In Lebanon, Israeli airstrikes on Monday killed two people and injured five in the town of Abba, despite a US-brokered ceasefire. Attacks were also reported in Yahmar al-Shaqif, Kfar Tebnit, Yahmar Arnoun, Nabatieh al-Fawqa, and Mayfadoun, with both Israel and Hezbollah accusing each other of violations. Turkey’s foreign minister, Hakan Fidan, will visit Qatar to discuss regional stability and restore safe passage through the Strait of Hormuz, while the UK and France will host a meeting of 40 defense ministers to coordinate military efforts in the area. Turkey, which borders Iran, has criticized both the US-Israel strikes and Iran’s counterattacks on Gulf states, calling the conflict illegal. The situation remains fluid, with no clear path to de-escalation as diplomatic efforts and military actions continue to clash.
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