UNITED STATES – Brent crude futures rose more than 1.7% to USD 106.14 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.2% to USD 93.55 per barrel. The upward momentum began when US President Donald Trump rejected Tehran’s seven-day peace proposal, which included a ceasefire and reopening of the Strait of Hormuz in exchange for the removal of the US naval blockade. With diplomatic attempts stalled, energy markets reacted quickly to the potential of long-term maritime shipping disruptions, exacerbating longstanding supply concerns along key Middle Eastern trading routes.
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(Source: The Nation, Reuters)