Oil jumps as Trump rejects Iran proposal, calls it 'totally unacceptable'

Oil futures surged at the Asian open on Monday after US President Donald Trump publicly rejected Iran's formal counter-proposal to ongoing nuclear talks, calling it 'totally unacceptable' in a blunt social media post. The sharp deterioration in US-Iran diplomatic relations sent crude benchmarks higher as traders priced in a higher probability of supply disruptions from the strategic Strait of Hormuz.

Iran's response, which rejected any upfront dismantling of its nuclear facilities and instead proposed a three-phase framework with sweeping pre-conditions, made clear the two sides remain far apart on the fundamental structure of any potential agreement. For currency markets, the escalating standoff adds a fresh layer of geopolitical risk that typically supports the US dollar as a safe haven, while pressuring currencies of oil-importing nations in Asia. Traders can track real-time crude and FX moves on NowPrice's live quotes.

Looking ahead, markets will focus on any further diplomatic signals from both Washington and Tehran, as well as potential emergency meetings of the International Energy Agency. Key levels for Brent crude around $80 and WTI near $75 will be watched closely, while the dollar index may find support if risk aversion deepens. The coming days are critical for determining whether the standoff escalates further or returns to the negotiating table.