Oil prices are rising amid Trump’s threats to Iran, the gridlock in peace talks, and the blockade in the Strait of Hormuz
President Donald Trump posted on Truth Social that “the Clock is Ticking” on an Iran peace deal, stating the regime will “get hit much harder” if it fails to present a better diplomatic deal.
Though the ceasefire remains open-ended for now, underlying tensions persist as the two countries struggle to reach a lasting solution.
Trump wants to end the war quickly through a peace resolution, but Iran’s refusal to make concessions on its nuclear program has firmly placed the US military option back on the table.
Oil prices are rising amid Trump’s threats to Iran, the gridlock in peace talks, and the blockade in the Strait of Hormuz. On Sunday, the global benchmark Brent crude rose by over 2% to $111 a barrel, while US-traded oil was up by 2.1% to $107.62.
Meanwhile, corporations are facing the brunt of the conflict. A Reuters analysis of companies listed in the US, Europe, and Asia shows that the Iran war has cost them at least $25 billion so far.
The conflict is also lowering economic expectations and weakening consumer confidence for the rest of the year. Whirlpool CEO Marc Bitzer said more consumers are repairing existing products instead of buying new ones.