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Brent Crude Surges Past USD110 After Trump's Iran Remarks
(MENAFN) Brent crude futures surged past $110 per barrel on Monday as oil traders scrambled to price in a volatile cocktail of cautious ceasefire optimism and renewed military threats from US President Donald Trump — with supply flows through the critical Strait of Hormuz hanging in the balance.
The global benchmark climbed 1.5% to $110.56 per barrel as of 1715GMT, extending a turbulent run of sharp price swings as markets struggled to read whether the Iran conflict was edging toward de-escalation or a dangerous new phase.
Trump offered a mixed bag of signals, characterizing Tehran's response to a US ceasefire proposal as a "significant step," while simultaneously warning that Washington retained "many alternatives" — and suggesting that, given the choice, he would "take the oil" from Iran.
Tehran moved quickly to complicate any optimism. Iran flatly rejected a temporary ceasefire framework, demanding instead a permanent end to the war, according to a state news agency. Tehran's reported conditions included a full halt to hostilities across the region, a formal protocol guaranteeing safe navigation through the Strait of Hormuz, reconstruction assistance, and comprehensive sanctions relief.
The stakes for global energy markets are considerable. The Strait of Hormuz serves as the jugular vein of international crude exports, and disruptions to shipping through the waterway have already begun tightening physical supply — leaving traders on edge with every new diplomatic or military development out of the region.
The global benchmark climbed 1.5% to $110.56 per barrel as of 1715GMT, extending a turbulent run of sharp price swings as markets struggled to read whether the Iran conflict was edging toward de-escalation or a dangerous new phase.
Trump offered a mixed bag of signals, characterizing Tehran's response to a US ceasefire proposal as a "significant step," while simultaneously warning that Washington retained "many alternatives" — and suggesting that, given the choice, he would "take the oil" from Iran.
Tehran moved quickly to complicate any optimism. Iran flatly rejected a temporary ceasefire framework, demanding instead a permanent end to the war, according to a state news agency. Tehran's reported conditions included a full halt to hostilities across the region, a formal protocol guaranteeing safe navigation through the Strait of Hormuz, reconstruction assistance, and comprehensive sanctions relief.
The stakes for global energy markets are considerable. The Strait of Hormuz serves as the jugular vein of international crude exports, and disruptions to shipping through the waterway have already begun tightening physical supply — leaving traders on edge with every new diplomatic or military development out of the region.
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