Trump's Iran Comments Spark Oil Price Surge Amid Strait of Hormuz Fears

Oil prices surged Monday after President Trump cast doubt on whether the United States will 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.

The Brent crude price briefly climbed above $91 a barrel before settling at $90.87, up 2.65%, while U.S. benchmark West Texas Intermediate closed at $84.50, up 2.5%.

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.