Oil Prices Hold at $104 as US-Iran Ceasefire Talks Collapse
By Aboki Forex —
Oil prices stayed at $104 per barrel on Monday after the United States and Iran failed to reach a ceasefire deal to end the Middle East war. US President Donald Trump said the ceasefire was on life support. He rejected Tehran’s response to a US peace proposal.
This rejection has raised fears of renewed fighting in the 10-week conflict. Thousands have died. Vital energy flows have been disrupted. Tensions around the Strait of Hormuz remain high.
Iran’s Demands Rejected
According to Reuters, the US had floated a proposal to restart negotiations. Iran responded on Sunday. It called for an end to the war on all fronts, including Lebanon, where US ally Israel is fighting Iran-backed Hezbollah militants.
Trump dismissed the response. Asked about the ceasefire, he told reporters, “I would call it the weakest right now, after reading that piece of garbage they sent us. I didn’t even finish reading it.”
Iran’s response also demanded compensation for war damage. It emphasised its sovereignty over the Strait of Hormuz. It called on the US to end its naval blockade, guarantee no further attacks, lift sanctions, and remove the ban on Iranian oil sales.