Brent Crude Rises Amid Middle East Uncertainties

Brent crude oil futures rose more than 5% to $108 per barrel on Thursday after President Donald Trump issued a fresh warning to Iran to advance peace talks aimed at ending the conflict disrupting global energy supplies. Fighting continues across the Middle East, with Trump urging Tehran to engage seriously “before it is too late” as the White House maintains that discussions are ongoing, though Iran has rejected proposals and set its own conditions. Reports indicate Iran’s parliament is drafting a bill to charge fees for securing ships transiting the Strait of Hormuz, with vessels required to provide detailed clearance information. Trump reiterated that talks are underway and signaled hopes of ending the conflict soon, while the Pentagon has reportedly deployed additional forces to the region, highlighting ongoing tensions despite diplomatic efforts.

Brent crude futures rose above $107 per barrel on Thursday, recovering part of the previous session’s losses amid conflicting statements from the US and Iran on efforts to end the conflict that has roiled global energy markets. Iran said it has no intention of entering talks with the US and would reject a proposed ceasefire, instead outlining its own conditions including sovereign control over the Strait of Hormuz. Meanwhile, the White House maintained that peace efforts are ongoing, with Washington reportedly sending a 15-point proposal to Iran via Pakistan aimed at resolving the conflict and reopening the critical waterway. The near-closure of Hormuz has severely disrupted global oil flows, resulting in the loss of millions of barrels of daily supply. While some vessels continue to transit under Iranian protection, US allies in the Asia-Pacific, including South Korea, Australia, and the Philippines, are grappling with a worsening fuel shortage.

Brent crude oil futures dropped more than 2% to $102 per barrel on Wednesday as US diplomatic efforts to end the war with Iran gained traction, overshadowing reports of additional troop deployments and the near-closure of the Strait of Hormuz. The US reportedly drafted a 15-point plan delivered to Iran via Pakistan to help resolve the conflict, while around 2,000 soldiers from the 82nd Airborne Division were deployed to the region to support security at the vital waterway. Iran signaled little willingness to compromise, firing missiles at Israel and ruling out ceasefire talks, while allowing some foreign ships to transit the strait under restrictions. The crisis has intensified global energy pressures, with Chevron warning of a potential California fuel crisis, hundreds of fuel shortages reported in Australia, the Philippines declaring a national energy emergency, and Asian nations reportedly hoarding jet fuel.