Oil Prices Surge as Trump Issues Iran Strike Warning

Oil prices rose to $109.3 per barrel amid escalating tensions in the Middle East, as U.S. President Donald Trump warned Iran that time was running out for negotiations to end the conflict.

Trump, speaking on his Truth Social platform, indicated that Iran must act quickly or risk losing everything. He rejected proposals for a ceasefire and emphasized that Iran's response to U.S. demands was "totally unacceptable." Iranian officials, including Foreign Ministry spokesperson Esmail Baghaei, insisted on their sovereignty over the Strait of Hormuz, which Iran controls and is crucial for oil transport.

Trump also mentioned a conversation with Israeli Prime Minister Benjamin Netanyahu regarding the situation. Despite Trump's warnings, Iranian officials maintained that they would not accept U.S. naval blockades and demanded compensation for damages caused by the war.

Additionally, Chinese President Xi Jinping reportedly agreed with Trump on the need for Iran to reopen the Strait of Hormuz, which remains vital for commercial shipping traffic.