Oil prices surged again Monday as US President Donald Trump rejected an Iranian ceasefire proposal, intensifying inflation concerns. The decision came after reports of potential US strikes against Iran, which had driven up energy costs. Trump’s rejection of the seven-day truce offer from Tehran followed a surge in oil prices on Thursday, fueled by media speculation about possible military action.
Iranian media reported massive explosions in the Strait of Hormuz, with Fars citing unnamed military sources. The explosions, which occurred in the strategic waterway, raised fears of a broader escalation. The US has not confirmed any attacks, but the situation has heightened regional tensions. Meanwhile, Russian President Vladimir Putin pledged to take all necessary measures to end the conflict with Iran. In talks with Iranian leader Masoud Pezeshkian, Putin emphasized Russia’s commitment to contributing to a peaceful resolution.
The conflict between the US and Iran has escalated since US-Israeli attacks began targeting Iranian interests. Iran has responded with retaliatory strikes, leading to a cycle of violence. The current standoff comes ahead of the US midterm elections, where public support for military action has waned. Trump’s decision to avoid further strikes reflects a shift in policy, as pressure mounts for de-escalation. The situation remains volatile, with both sides continuing to assess their options.
