Global oil prices climbed to $109.3 per barrel on Sunday amid escalating tensions in the Middle East, according to data from Oilprice.com.
The rise follows fresh warnings from United States President Donald Trump, who cautioned Iran that “the clock is ticking” as efforts to end the ongoing conflict remain stalled.
Prices have continued an upward trend from around $107 per barrel last week, raising concerns over higher costs of refined petroleum products for consumers.
Tensions have persisted since Trump rejected Iran’s proposal to de-escalate the crisis and reopen the strategic Strait of Hormuz, which Tehran has controlled since the conflict began in February, significantly disrupting global oil shipments.
In a message posted on his Truth Social platform on Sunday, Trump urged Iran to act swiftly or face severe consequences. “They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he wrote.
The warning came as the U.S. president was scheduled to hold talks with Israeli Prime Minister Benjamin Netanyahu.
Earlier, Trump had described a proposed ceasefire with Iran as being on “massive life support,” after dismissing Tehran’s conditions as “totally unacceptable.”
However, Iran defended its position. Foreign ministry spokesperson Esmail Baghaei described the country’s response as “responsible” and “generous.”
According to Iran’s semi-official Tasnim news agency, Tehran’s proposal includes an immediate cessation of hostilities across all fronts, including Israeli operations linked to Hezbollah in Lebanon, an end to the U.S. naval blockade of Iranian ports, and guarantees against further attacks.
The proposal also reportedly calls for compensation for war-related damages and reiterates Iran’s claim of sovereignty over the Strait of Hormuz.
Trump further stated that Chinese President Xi Jinping supports reopening the strait, though Beijing has not publicly confirmed any involvement.
Meanwhile, Iran’s Foreign Minister, Seyyed Abbas Araghchi, said the Strait of Hormuz remains open to commercial traffic, provided vessels comply with Iranian naval regulations.
Reports indicate that about 30 Chinese vessels passed through the strait on Wednesday.
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