Trump rejects Iran's peace plan — oil prices jump sharply

Global oil prices surged sharply after US President Donald Trump said he had rejected an Iranian peace plan submitted to Washington through Qatari mediators. Futures for North Sea Brent crude rose by $3.43 (73.5 crowns), to $107.75 (2,309 crowns) per barrel, while US West Texas Intermediate gained $2.14 (45.9 crowns), to $94.55 (2,026.1 crowns), Reuters reports.

Iran offered a deal, Trump turned it down

Last week, at the UN General Assembly in New York, Iran said it had sent Washington a draft peace agreement through Qatari mediators. On Saturday, Trump told reporters he had rejected the plan, though he later added that he expected talks to continue.

Market watching the $120 level

"Although diplomatic efforts haven't stopped, the rejection has dampened hopes for a swift breakthrough. For Brent futures, the key level remains $120 (2,571.6 crowns) per barrel. Until the price holds above that mark, a pullback remains likely — especially if shipping conditions improve and the talks make progress," said Sugandha Sachdeva, founder of the Indian research firm SS WealthStreet.

An added risk — a US fuel shortage

The situation could be aggravated by record-high diesel prices in the US, which have sparked discussion of a possible restriction on oil product exports. Such a move would shrink supplies outside the US, and European oil prices would respond with a corresponding rise.

Source: novinky.cz