Brent futures rose 0.3% to $104.52/bbl and WTI to $98.33/bbl as Trump said Iran ceasefire “on life support”.
Trump rejected Tehran’s response, calling it “totally unacceptable” and “a piece of garbage,” reviving fears of prolonged conflict.
Saudi Aramco CEO warned reopening Strait of Hormuz may take months for global oil flows to normalize despite immediate reopening.
Investors eye Trump’s upcoming Beijing meeting with Xi, expecting possible discussions on Iran, trade and energy security.