Global oil prices climbed to $109.3 per barrel on Sunday as tensions in the Middle East continued to escalate, raising concerns over the stability of global crude supply.
The increase follows last week’s rise from about $107 per barrel, with the continued crisis already affecting the cost of refined petroleum products worldwide.
The development comes amid renewed pressure from United States President Donald Trump, who warned Iran that “time is of the essence” as negotiations aimed at ending the conflict remain deadlocked.
In a post on his Truth Social platform, Trump urged Tehran to act quickly or face severe consequences.
“They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he wrote.
The warning came ahead of a scheduled conversation between Trump and Israeli Prime Minister Benjamin Netanyahu on Sunday.
Trump had earlier stated that the ceasefire arrangement involving Iran was on “massive life support” after rejecting Tehran’s latest proposal to end the war and reopen the strategic Strait of Hormuz.
Iran has maintained control of the Strait since the conflict began in February, disrupting global oil transportation through one of the world’s most critical shipping routes.
The US president described Iran’s response to American proposals as “totally unacceptable.”
However, Iranian Foreign Ministry spokesperson Esmail Baghaei defended the proposal, describing it as both “responsible” and “generous.”
According to Iran’s semi-official Tasnim news agency, Tehran’s demands include an immediate end to military operations across all fronts, including Israeli attacks against Iran-backed Hezbollah in Lebanon, as well as the lifting of the US naval blockade on Iranian ports.
Iran is also reportedly demanding guarantees against future attacks, compensation for war-related damages, and recognition of its sovereignty over the Strait of Hormuz.
Trump further claimed that Chinese President Xi Jinping agreed that Iran must reopen the Strait, although China has not publicly indicated any intention to intervene in the crisis.
Meanwhile, Iranian Foreign Minister Seyyed Abbas Araghchi stated that the Strait of Hormuz remains open to commercial shipping, but vessels must cooperate with Iranian naval authorities while navigating the region.
Elijah Adeyemi
No comments:
Post a Comment