Oil nears $110 as Trump threatens strike in Iran

Oil prices rose to $109.3 on Sunday amid the unending tension in the Middle East, data by Oilprice.com has shown.

This was as the United States President, Donald Trump, warned Iran that the “clock is ticking” after talks to bring the war to an end continued to stall.

From about $107 a barrel last week, oil prices continue to go higher, impacting the cost of refined petroleum products at the pump.

Recall that Trump had last week rejected the proposal by Iran to end the crisis and reopen the all-important Strait of Hormuz. Iran has remained in control of the strait since the war started in February, making oil transportation impossible.

On Sunday, Trump warned Iran to act fast or lose everything. “They better get moving FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” he wrote on his Truth Social platform.

The BBC reports that the message came as the president was due to speak with Israeli Prime Minister Benjamin Netanyahu on Sunday.

Trump warned earlier that the ceasefire agreed with Iran was on “massive life support” after rejecting Tehran’s demands to end the war.

Trump had labelled the Iranian response to US proposals “totally unacceptable”.

An Iranian foreign ministry spokesperson, Esmail Baghaei, insisted the response was “responsible” and “generous”.

According to Iran’s semi-official Tasnim news agency, it includes an immediate end to the war on all fronts, a reference to the continued Israeli attacks against Iran-supported Hezbollah in Lebanon, a halt to the US naval blockade of Iranian ports, and guarantees of no further attacks on Iran.

It also reportedly includes a demand for compensation for war damage and an emphasis on Iranian sovereignty over the Strait of Hormuz.

Trump said Chinese President Xi Jinping had agreed Tehran must reopen the Strait of Hormuz, though China gave no indication it would weigh in.

Iranian Foreign Minister Seyyed Abbas Araghchi stated that the Strait of Hormuz remains open to commercial traffic, but ships must cooperate with the Iranian Navy and the authorities while navigating the region.

About 30 Chinese vessels transited the strait on Wednesday.