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Brent Crude Surges Past USD105 as Iran Talks Stall
(MENAFN) Oil prices surged Monday, with Brent crude breaking back above $105 a barrel as stalled Iran-US negotiations stoked fresh fears over the reliability of global energy supplies.
International benchmark Brent was changing hands at $105.55 per barrel as of 9:26 a.m. local time (0626 GMT), a jump of roughly 4.2% from the prior session's close of $101.29. US benchmark West Texas Intermediate (WTI) posted an even sharper move, gaining approximately 4.9% to reach $100.06 per barrel, up from $95.42 at Friday's close.
The rally was underpinned by deepening anxieties over the Middle East conflict and its potential to cause lasting damage to global supply chains. Persistent instability around the Strait of Hormuz — one of the world's most critical energy transit corridors — has kept the threat of supply disruptions front and center for traders.
Fueling those concerns, Israeli Prime Minister Benjamin Netanyahu declared the war with Iran is "not over," citing Tehran's continued possession of enriched uranium as unfinished business.
"I think it accomplished a great deal. But it's not over because there's still nuclear material, enriched uranium, that has to be taken out of Iran," Netanyahu told media in an interview with chief Washington correspondent Major Garrett that aired Sunday — remarks that all but extinguished hopes of a swift de-escalation.
Adding to the turbulence, US President Donald Trump publicly rejected Iran's latest diplomatic response on Sunday, posting a blunt rebuke on his social media platform, Truth Social.
"I have just read the response from Iran's so-called 'Representatives.' I don't like it -- TOTALLY UNACCEPTABLE!" Trump wrote, hours after Iranian state media confirmed that Tehran had relayed its reply through Pakistani mediators.
An Iranian state broadcaster reported early Monday that Tehran's counterproposal demands financial compensation from Washington, asserts Iran's sovereign authority over the Strait of Hormuz, calls for a full lifting of sanctions, and requires the release of frozen Iranian assets held abroad. Tehran rebuffed the US plan on the grounds that it would have required capitulation to Trump's "excessive demands," the report said.
The breakdown in diplomacy has solidified market expectations that a ceasefire remains a distant prospect, keeping energy supply risks elevated. Analysts caution that while ample inventories, strategic reserve releases, and tepid demand have recently acted as a ceiling on prices, the absence of any concrete US-Iran agreement leaves the door open to further upside.
International benchmark Brent was changing hands at $105.55 per barrel as of 9:26 a.m. local time (0626 GMT), a jump of roughly 4.2% from the prior session's close of $101.29. US benchmark West Texas Intermediate (WTI) posted an even sharper move, gaining approximately 4.9% to reach $100.06 per barrel, up from $95.42 at Friday's close.
The rally was underpinned by deepening anxieties over the Middle East conflict and its potential to cause lasting damage to global supply chains. Persistent instability around the Strait of Hormuz — one of the world's most critical energy transit corridors — has kept the threat of supply disruptions front and center for traders.
Fueling those concerns, Israeli Prime Minister Benjamin Netanyahu declared the war with Iran is "not over," citing Tehran's continued possession of enriched uranium as unfinished business.
"I think it accomplished a great deal. But it's not over because there's still nuclear material, enriched uranium, that has to be taken out of Iran," Netanyahu told media in an interview with chief Washington correspondent Major Garrett that aired Sunday — remarks that all but extinguished hopes of a swift de-escalation.
Adding to the turbulence, US President Donald Trump publicly rejected Iran's latest diplomatic response on Sunday, posting a blunt rebuke on his social media platform, Truth Social.
"I have just read the response from Iran's so-called 'Representatives.' I don't like it -- TOTALLY UNACCEPTABLE!" Trump wrote, hours after Iranian state media confirmed that Tehran had relayed its reply through Pakistani mediators.
An Iranian state broadcaster reported early Monday that Tehran's counterproposal demands financial compensation from Washington, asserts Iran's sovereign authority over the Strait of Hormuz, calls for a full lifting of sanctions, and requires the release of frozen Iranian assets held abroad. Tehran rebuffed the US plan on the grounds that it would have required capitulation to Trump's "excessive demands," the report said.
The breakdown in diplomacy has solidified market expectations that a ceasefire remains a distant prospect, keeping energy supply risks elevated. Analysts caution that while ample inventories, strategic reserve releases, and tepid demand have recently acted as a ceiling on prices, the absence of any concrete US-Iran agreement leaves the door open to further upside.
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