Oil prices surged to $109.3 per barrel on Sunday as tensions in the Middle East continued to worsen, raising fears of a prolonged disruption to global oil supply.
According to data from Oilprice.com, crude prices have continued to rise steadily from about $107 per barrel recorded last week. The increase is already affecting the cost of refined petroleum products worldwide, with concerns growing over possible higher fuel prices in many countries.
The latest rise in oil prices is linked to the ongoing conflict involving Iran and the continued uncertainty surrounding the Strait of Hormuz, one of the world’s most important oil shipping routes.
Since the conflict began in February, Iran has maintained control over the strategic waterway, making the transportation of crude oil through the region increasingly difficult. The Strait of Hormuz is a key route used by many oil-producing nations to move crude to international markets, and any disruption often sends shockwaves across the global energy market.
United States President, Donald Trump, on Sunday issued another strong warning to Iran, urging the country to quickly accept proposals aimed at ending the conflict.
In a message shared on his Truth Social platform, Trump warned that time was running out for Tehran.
“They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he wrote.
The statement came shortly before Trump was expected to hold discussions with Israeli Prime Minister Benjamin Netanyahu regarding the situation.
Earlier, Trump had reportedly rejected Iran’s proposal to end the war and reopen the Strait of Hormuz. He also described the Iranian response to American peace proposals as “totally unacceptable.”
However, Iran defended its position, insisting that its response was both responsible and fair.
Iranian Foreign Ministry spokesman Esmail Baghaei stated that the country’s proposal included several conditions, such as an immediate end to fighting across all fronts, including attacks linked to Iran-backed Hezbollah forces in Lebanon.
Reports from Iran’s semi-official Tasnim news agency also revealed that Tehran demanded an end to the US naval blockade on Iranian ports, guarantees against future attacks, and compensation for damages caused by the war.
Iran further stressed that it would maintain sovereignty over the Strait of Hormuz despite growing international pressure.
Meanwhile, Trump claimed that Chinese President Xi Jinping agreed that the strait should be reopened for global trade. However, China has not officially confirmed whether it plans to intervene in the crisis.
Iranian Foreign Minister Seyyed Abbas Araghchi stated that commercial vessels are still allowed to pass through the strait, but ships must cooperate fully with the Iranian Navy and local authorities while navigating the region.
Reports also showed that about 30 Chinese vessels successfully passed through the waterway on Wednesday despite the ongoing tensions.
Global investors and energy analysts are now closely monitoring developments in the Middle East, as further escalation could push oil prices even higher and worsen inflation pressures in many economies around the world.
