Oil prices rise following diplomatic deadlock between US and Iran

Global oil prices have surged following Donald Trump's rejection of Iran's latest counter-proposal for peace, which he labeled as unacceptable. Brent crude rose between 3.29% and 4.55%, reaching levels between $104 and $105.90 per barrel, while WTI surpassed $100. The tension stems from the continued closure of the Strait of Hormuz, which has remained largely inaccessible since the beginning of the U.S.-Israeli offensive on February 28. Iran communicated its response via Pakistan, proposing an end to the war on all fronts and seeking maritime security guarantees. Meanwhile, France and the UK are pushing for an international coalition to secure the strait. Saudi Aramco CEO Amin Nasser reported that approximately 1 billion barrels of oil have been lost in the last two months. Market attention is now focused on Donald Trump's upcoming visit to Beijing to discuss the crisis with President Xi Jinping. Additionally, a bulk carrier was reportedly struck by a drone in Qatari waters, though it continued its voyage.