Oil prices jump after Trump dismisses Iran proposal to end war
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Trump posted that Iran's response to US proposals was "totally unacceptable", rejecting the offer mediated by Pakistan.
- Iran demanded an immediate end to the conflict and assurances against further US‑Israeli attacks, as reported by Tasnim news agency.
- Brent crude surged more than 4% to $105.94 per barrel before easing to about $103, reacting to the diplomatic deadlock.
- The Strait of Hormuz has been effectively shut since the war began on 28 Feb, cutting off roughly a fifth of global oil and gas shipments and causing an estimated loss of about a billion barrels.
- Aramco said its Q1 earnings rose over 25% YoY, and its CEO warned the energy shock will likely linger into 2027 even if the strait reopens, as markets need months to rebalance.
Why it matters: Energy firms such as Aramco see >25% profit jumps as Brent tops $100, while consumers face higher fuel costs and the market will stay distorted for months, pushing the shock into 2027.
Ask SkimNews
