Oil Jumps After Trump Says Iran's Peace Offer Is 'Unacceptable' Oil Jumps After Trump Says Iran's Peace Offer Is 'Unacce [View all]
Source: Bloomberg
(Bloomberg) -- Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.
Brent crude futures advanced as much as 3.5% to $104.80 a barrel, while West Texas Intermediate climbed to near $99. In a social media post, Trump said the response was “TOTALLY UNACCEPTABLE” as the two sides struggle to maintain a fragile ceasefire following a series of flareups in hostilities.
The near-closure of Hormuz since the start of the war at the end of February has choked off supplies of crude, natural gas and fuels to global customers, driving up energy prices and raising inflation fears. The International Energy Agency says the conflict is causing the biggest supply shock in history.
Tehran offered to transfer some of its stockpile of highly enriched uranium to a third country, but rejected the idea of dismantling its nuclear facilities, the Wall Street Journal reported. Iran disputed the report, according to the nation’s semi-official news agency Tasnim.
Read more: https://finance.yahoo.com/sectors/energy/articles/oil-jumps-trump-says-iran-220233057.html
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