Oil prices jump after Trump dismisses Iran proposal to end war

Oil prices surged Monday after former U.S. President Donald Trump dismissed a proposal from Iran to end the conflict, calling it "totally unacceptable." Brent crude rose 3.8% to $105.20 a barrel [1]. Tehran's response, delivered via mediator Pakistan, called for an immediate end to the war and guarantees against further U.S.-Israeli attacks on Iran [1]. In a social media post, Trump stated, "I have just read the response from Iran's so-called 'Representatives.' I don't like it - TOTALLY UNACCEPTABLE" [1]. The Strait of Hormuz, a critical waterway for global energy shipments, has been effectively shut since the war began on 28 February, severely disrupting supplies [1]. U.S. terms for peace had included restoring free transit through the strait and suspending Iranian nuclear enrichment [1]. A ceasefire announced in early April has been mostly observed, and Trump extended it indefinitely on 21 April to allow for a unified proposal from Iran [1]. Energy prices have been volatile, with Brent crude rising back above $100 a barrel since the ceasefire took effect on 8 April [1]. Major energy firms have reported soaring profits; Saudi Aramco said its earnings jumped more than 25% in the first quarter compared to the same period in 2025, crediting its cross-country pipeline for avoiding shipping disruptions [1]. BP and Shell have also reported sharply higher earnings [1].