Oil prices experienced an increase on Monday morning in Asian trading as President Donald Trump issued a stark warning to Iran, stating that "the clock is ticking" with peace talks to end the ongoing conflict stalled. The international benchmark, Brent crude, saw a rise of 1.85%, reaching $111.28 per barrel, while US-traded oil climbed 2.32% to $107.87.
Energy markets have been volatile following Iran's effective closure of the critical Strait of Hormuz. This action was reportedly a retaliation for strikes by the US and Israel, which commenced on February 28. The Strait of Hormuz is a vital chokepoint, with approximately one-fifth of the world's oil and liquefied natural gas (LNG) typically transiting through this narrow waterway.
President Trump took to social media to convey his message, writing, "They better get moving, FAST, or there won't be anything left of them." He added, "TIME IS OF THE ESSENCE!"
Meanwhile, Iranian media outlets reported that Washington had not presented any substantive concessions in response to Tehran's most recent proposals aimed at resolving the conflict. According to the semi-official Mehr news agency, a lack of compromise from the US would inevitably result in an "impasse in the negotiations."
Trump's statement recalled his earlier threat that a "whole civilisation" would face destruction unless Tehran agreed to a peace deal. This warning came shortly before a ceasefire was announced in early April. The president had previously expressed concerns last week, describing the truce as being on "massive life support" after rejecting Iran's demands as "totally unacceptable."
According to the news platform Axios, President Trump is scheduled to convene a meeting with his top national security advisers on Tuesday. The purpose of this meeting is to deliberate on potential military action options concerning Iran.
During the ongoing conflict, Iran has been implicated in launching attacks against neighboring countries, including Israel, Bahrain, and the United Arab Emirates (UAE). On Sunday, the UAE reported that a drone strike had ignited a fire near its nuclear power station, characterizing the incident as a "dangerous escalation."
Officials are currently investigating the origin of the strike. The UAE's defense ministry stated that three drones had entered the country from its western border. While two of these drones were intercepted, the third struck an electrical generator located outside the perimeter of the Barakah Nuclear Power Plant in Abu Dhabi, causing a fire. Local authorities confirmed that no injuries were reported and that there was no impact on radiological safety levels.
