Oil prices surged in Asia on Monday morning as US President Donald Trump warned Iran the “clock is ticking” as talks to stop conflict had stagnated. Brent crude, the global standard, was up 1.85 percent to $111.28, while US-traded oil rose 2.32 percent to $107.87.
Since 28 February, when the US and Israel struck Iran, the government has responded by effectively closing the critical Strait of Hormuz waterway, and energy markets have been on a rollercoaster.
The small shipping channel typically carries around one-fifth of the world’s oil and liquefied natural gas (LNG).“They better get moving, FAST, or there will be nothing left of ‘em,” Trump wrote in a social media post. TIME IS ESSENTIAL
Meanwhile, Iranian media said Washington has made no meaningful concessions in response to Tehran’s latest proposals to resolve the crisis. The semi-official Mehr news agency said any failure by the US to compromise would lead to a “impasse in the negotiations”. Trump’s warning echoed his threat that unless Tehran agreed to a peace deal, a “whole civilisation” would die, just before a truce was struck in early April.
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