Oil prices increase after Trump rejects Iran peace offer

New York / London (Web Desk): global oil markets witnessed a sharp surge after US president Donald Trump reportedly rejected Iran’s response on the ongoing diplomatic standoff, triggering renewed concerns among investors and pushing crude prices up by nearly 4 percent.

Market sentiment turned cautious amid fears of escalating tensions in the Middle East, with worries mounting over potential disruptions to oil supplies from the Gulf region. As a result, Brent crude climbed to around $105.47 per barrel, while US West Texas Intermediate (WTI) rose significantly to about $99.82 per barrel.

Energy analysts say that president Trump’s firm stance has intensified uncertainty in global markets, particularly regarding the security of supply routes in the Persian Gulf.

The breakdown in diplomatic engagement between Washington and Tehran has further added to volatility, fueling speculation about possible supply constraints.

The sudden spike in oil prices has raised concerns over a new wave of inflation and a potential global energy crunch, with experts warning that prolonged instability could have far-reaching effects on economies worldwide.