Oil prices surge as Trump rejects Iran ceasefire terms

Oil prices rose significantly after reports indicated that US President Donald Trump has informed mediators that he does not intend to return to the terms of the ceasefire agreement reached with Iran in June. This stance has diminished expectations for immediate diplomatic de-escalation in the Middle East and complicates efforts to secure energy flows through the Strait of Hormuz.

Following the news, Brent crude rose by approximately 2.5% to reach $90.02 per barrel, while West Texas Intermediate (WTI) increased by nearly 2% to approximately $83.84 per barrel. These gains follow three consecutive sessions of losses as investors reassess the likelihood of a diplomatic breakthrough.

While Qatari officials met with Iranian Foreign Minister Abbas Araghchi to discuss a proposed temporary framework for the Strait of Hormuz, including a temporary navigation corridor, Tehran has maintained that such an agreement would not lead to the immediate resumption of full strategic passage. The White House confirmed that the United States is not currently engaged in negotiations with Iran, stating that the naval blockade of Iranian ports remains in effect.