Oil prices increased on Monday morning in Asia following a warning from US President Donald Trump to Iran that “the clock is ticking,” as peace talks aimed at ending the conflict have stalled.
The global benchmark, Brent crude, rose 1.85% to 111.28perbarrel,whileUS−tradedoilclimbed2.32111.28perbarrel,whileUS−tradedoilclimbed2.32107.87.
Energy markets have experienced significant volatility since Iran effectively shut down the strategic Strait of Hormuz waterway in response to US and Israeli strikes on the country that began on February 28. Roughly one-fifth of the world’s oil and liquefied natural gas typically passes through this narrow shipping route.
In a social media post, Trump wrote: “They better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
Meanwhile, Iranian media reported that Washington had failed to offer any substantial concessions in its response to Tehran’s latest proposals to end the conflict. According to the semi-official Mehr news agency, a lack of compromise from the US would lead to an “impasse in the negotiations.”
Trump’s warning echoes an earlier threat that a “whole civilisation” would perish unless Tehran agreed to a peace deal—remarks made shortly before a ceasefire was announced in early April. Last week, the president stated that the truce was on “massive life support” after rejecting Iran’s demands, which he called “totally unacceptable.”
According to news platform Axios, Trump is expected to meet with his top national security advisers on Tuesday to discuss potential military options regarding Iran.
Throughout the conflict, Iran has launched attacks on neighboring countries, including Israel, Bahrain, and the United Arab Emirates (UAE).
On Sunday, the UAE reported that a drone strike had caused a fire near its nuclear power station, describing the incident as a “dangerous escalation.” Officials are investigating the source of the strike. The country’s defense ministry said three drones entered the UAE from the “western border direction.” While two were intercepted, the third struck an electrical generator “outside the inner perimeter” of the Barakah Nuclear Power Plant in Abu Dhabi, sparking a fire. No injuries were reported, and local authorities confirmed there was no impact on radiological safety levels.
