LONDON – Brent crude oil surged past in global markets, climbing above $109.40 per barrel for the first time in recent weeks, market data shows amid no breakthrough in US and Iran over opening of Hormuz and nuclear deadlock.
July Brent futures jumped as much as 3.66%, touching $109.18 per barrel before slightly cooling off to around $109.13. Even after easing, the benchmark still held strong gains of about 3.61%, signaling sustained bullish momentum.
Global Oil Prices
Indexes
Last
Change
% Change
WTI Crude
97.51
+1.14
+1.18%
Brent Crude
109.54
+1.31
+1.21%
Murban Crude
104.19
+0.60
+0.58%
Natural Gas
2.505
-0.045
-1.76%
Gasoline
3.508
+0.017
+0.49%
At the same time, U.S. West Texas Intermediate (WTI) crude futures for June 2026 also rallied strongly, rising around 3% to trade near $97.23 per barrel.
The synchronized rise in both major crude benchmarks highlights a powerful wave of buying pressure sweeping through the energy markets, pushing prices to their highest levels in weeks.
US and Iran remain locked in a diplomatic standoff despite some easing of broader tensions, as President Donald Trump has rejected a new Iranian proposal related to reopening the Strait of Hormuz. He reportedly criticized the plan for failing to address Iran’s nuclear program, which remains the central point of disagreement.
The proposal, delivered by Iranian Foreign Minister Abbas Araghchi during a visit to Pakistan, aimed to restore shipping through the key waterway and reduce regional tensions, but it did not include commitments on halting Iran’s nuclear activities or giving up enriched uranium stockpiles.
Iran continues to refuse US demands to curb its nuclear program, while Trump maintains a firm stance against any agreement that does not directly resolve the issue. The breakdown has stalled further talks and widened the diplomatic gap.
The dispute over the Strait of Hormuz is also affecting global energy markets, as Iran seeks to impose transit fees on shipping while the US insists on unrestricted navigation. With neither side showing flexibility, the situation remains deadlocked, raising concerns over regional stability and oil supply routes.
Trump irked by Iran’s plan to reopen Strait of Hormuz without Nuclear Talks
