Oil prices rose for a third straight day as the U.S. and Iran remain far from reaching a deal to end their weeks-long war and reopen the crucial Strait of Hormuz.
Brent crude rose above $110 a barrel, after rising nearly 8% last week, while West Texas Intermediate climbed above $107. President Donald Trump made it clear his patience was wearing thin, posting on social media on Sunday that “For Iran, Time Is Running Out, and they better move, FAST, or there will be nothing left of them. TIME IS OF THE ESSENCE!”
The lack of clarity on progress in the talks helped boost oil prices last week, with Trump’s two-day summit with Xi in Beijing also yielding no concrete steps toward reopening the strait, and flows through the crucial waterway remaining sluggish. Meanwhile, the Trump administration allowed exemptions for Russian crude sales to expire, despite pleas from India to extend them, further tightening supplies.
Energy facilities were targeted in the Persian Gulf over the weekend, with a drone attack sparking a fire at a United Arab Emirates nuclear facility and underscoring the fragility of the ongoing ceasefire.
Reports in semi-official Iranian media suggest that both sides in the conflict remain far from reaching an agreement in negotiations. The Mehr news agency said Washington was not offering “real concessions” while seeking “to secure concessions that were not obtained during the war, which would lead to a deadlock in the negotiations.”
Trump met on Saturday with Vice President J.D. Vance, White House envoy Steve Witkoff, Secretary of State Marco Rubio, and CIA Director John Ratcliffe to discuss the war, Axios reported on Sunday. He is expected to meet again with his national security team on Tuesday.
“We want to make a deal,” Trump told Axios, adding that he was awaiting an updated Iranian proposal. “They’re not where we want them to be. They have to get there or they’re going to be badly affected, and they don’t want that.”
Since the ceasefire began on April 8, Trump has repeatedly threatened to resume the bombing campaign that began on February 28.
Brent crude for July settlement rose 1.1% to $110.43 per barrel at 7:02 a.m. in Singapore.
WTI crude for June delivery, which expired on Tuesday, rose 1.7% to $107.26 per barrel.
The more active July contract rose 1.3% to $102.34 per barrel. (asd)*
Source: Newsmaker.id