Global Oil Prices Surge as US-Iran Peace Talks Collapse
Global oil prices surged past $105 per barrel after US President Donald Trump rejected Iran’s peace proposal, labeling it unacceptable. The diplomatic breakdown has intensified fears of prolonged conflict and supply disruptions, particularly with the Strait of Hormuz largely closed. Saudi Aramco reported significant weekly oil losses due to the blockade. While equity markets remained mixed, energy volatility heightened concerns over global economic stability. The situation underscores the fragility of Middle East security, with analysts warning of further price hikes if the ceasefire completely collapses and shipping routes remain obstructed.