Global oil prices climbed to $109.3 per barrel on Sunday as tensions in the Middle East continued to intensify amid stalled diplomatic efforts to end the ongoing conflict involving Iran.
Data from Oilprice.com showed that crude prices rose from about $107 per barrel recorded last week, further increasing concerns over the cost of refined petroleum products globally.
The latest surge follows renewed warnings from Donald Trump, who urged Iran to act quickly to resolve the crisis or risk severe consequences.
“They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Trump wrote on his Truth Social platform.
The warning came as the US president prepared for talks with Israeli Prime Minister Benjamin Netanyahu regarding ongoing developments in the region.
Trump had earlier described the ceasefire agreement involving Iran as being on “massive life support” after rejecting Tehran’s proposals aimed at ending the conflict.
Last week, the US president also rejected Iran’s proposal to reopen the Strait of Hormuz, a critical global shipping route that has remained under Iranian control since the conflict began in February.
The prolonged disruption in the Strait of Hormuz has significantly affected global oil transportation and contributed to rising crude prices.
An Iranian Foreign Ministry spokesperson, Esmail Baghaei, defended Tehran’s response to the US proposals, describing it as “responsible” and “generous.”
According to Iran’s semi-official Tasnim news agency, Iran’s conditions for ending the conflict include an immediate halt to military operations across all fronts, including attacks involving Iran-backed Hezbollah in Lebanon.
The proposals also reportedly demand an end to the US naval blockade of Iranian ports, guarantees against future attacks on Iran, compensation for war-related damages, and recognition of Iranian sovereignty over the Strait of Hormuz.
Trump further stated that Xi Jinping had agreed that Tehran must reopen the strategic waterway, although China has not publicly indicated any intention to intervene directly in the dispute.
Meanwhile, Iran’s Foreign Minister, Seyyed Abbas Araghchi, stated that the Strait of Hormuz remains open to commercial shipping.
However, he noted that vessels transiting the area must cooperate with the Iranian Navy and other relevant authorities while navigating the region.
Reports indicated that approximately 30 Chinese vessels successfully passed through the strait on Wednesday despite the ongoing tensions.
Analysts say the continued uncertainty surrounding the Strait of Hormuz, a major route for global crude exports, is likely to keep oil prices elevated in the coming weeks if diplomatic negotiations fail to progress.
