Oil Prices Rise as Trump Threatens Iran Over Stalled Peace Talks
Brent crude, the global benchmark, saw a 1.85% rise to reach $111.28, whilst US-traded oil climbed 2.32% to $107.87. This surge followed President Trump’s pronouncement on social media, stating, “They better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
Iranian media reported that Washington has failed to offer concrete concessions in response to Tehran's latest proposals for ending the conflict. The semi-official Mehr news agency suggested that a lack of US compromise would lead to an “impasse in the negotiations”.
Trump’s recent remarks echo his earlier threat that a “whole civilisation” would face destruction if Tehran did not agree to a peace deal, just before an early April ceasefire. Last week, the President declared the truce was on “massive life support” after rejecting Iranian demands as “totally unacceptable”. He is scheduled to meet with his national security advisers to discuss military options concerning Iran, according to Axios.
The current conflict began on 28 February with wide-ranging US and Israeli strikes on Iran, resulting in the death of Iran's Supreme Leader and hundreds of civilians, including 110 children targeted in a primary school. During the broader conflict, Iran has launched attacks on neighbouring countries, including Israel, Bahrain, and the United Arab Emirates (UAE).
On Sunday, the UAE reported a drone strike that caused a fire near its Barakah Nuclear Power Plant in Abu Dhabi, describing it as a “dangerous escalation”. Officials are investigating the incident, which saw three drones enter the UAE from the “western border direction”. While two were intercepted, a third drone struck an electrical generator “outside the inner perimeter” of the plant, causing a fire. No injuries or impacts on radiological safety were reported.
