Trump's Iran Comments Fuel Oil Price Surge

Oil prices surged on Monday after President Trump cast doubt on whether the US would reach or extend a framework deal with Iran, renewing market fears of a wider escalation and potential disruption to energy shipments through the Strait of Hormuz.

Brent crude briefly climbed above $91 a barrel before settling at $90.87, up 2.65%, while US benchmark West Texas Intermediate closed at $84.50, up 2.5%. Prices had been roughly flat to lower earlier in the day before jumping following Trump's remarks.

Trump said Iran wants a deal but not one he considers acceptable, reiterating that Iran cannot acquire nuclear weapons. The June framework set a 60-day negotiating window that is nearing expiration without a comprehensive settlement.

The renewed uncertainty helped drive concerns about further escalation and possible interruptions to oil shipments through the Strait of Hormuz, a key global chokepoint. Trump claimed US forces have 'total control' of the Strait of Hormuz through a naval blockade, but shipping data contradicted this claim: only three ships crossed the strait Sunday and 10 on Saturday, compared with roughly 130 per day before the war.