- media@moneyinfocus.news
WTI crude futures surged more than 2% on Monday, climbing to nearly $98 per barrel as markets reacted to rising geopolitical tensions in the Middle East and the prolonged closure of the Strait of Hormuz — one of the world’s most critical energy trade corridors.
The rally followed comments from President Donald Trump, who rejected Iran’s latest response to a U.S.-backed proposal aimed at ending the 10-week regional conflict. In a post published on Truth Social, Trump described Tehran’s proposal as “TOTALLY UNACCEPTABLE,” signaling that diplomatic negotiations remain far from resolution.
According to regional reports, Iran proposed transferring part of its highly enriched uranium stockpile to a third country while refusing to dismantle key components of its nuclear infrastructure — a condition Washington reportedly views as non-negotiable.
At the same time, security risks across the Persian Gulf intensified. Drone attacks targeted a cargo vessel near Qatar, while authorities in the United Arab Emirates and Kuwait confirmed they had intercepted hostile drones entering their airspace. The incidents have renewed fears that the fragile ceasefire established in early April could collapse entirely.
Markets are now increasingly focused on the continued shutdown of the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply typically passes. The disruption has significantly affected global flows of crude oil, liquefied natural gas, and refined petroleum products, driving heightened volatility across energy markets.
The International Energy Agency described the current disruption as potentially the largest energy supply shock on record, warning that prolonged instability in the region could create substantial inflationary pressures worldwide while threatening industrial supply chains and transportation costs.
