Oil prices rose sharply after U.S. President Donald Trump rejected Iran’s proposal on the Strait of Hormuz, with Brent and West Texas Intermediate both extending their rally amid renewed fears over global supply disruptions.

According to the latest market reports, Brent crude futures climbed to above $115 per barrel, while WTI also moved higher, following Trump’s latest warning to Tehran and his reported dissatisfaction with Iran’s plan for reopening the strait. Earlier coverage on Tuesday said crude had already gained more than 3% after reports that Trump was unhappy with Iran’s proposal to reopen the waterway.

The Strait of Hormuz is one of the world’s most important energy chokepoints, and traders reacted quickly to signs that the conflict could continue to disrupt flows through the route. Market watchers said the rally has been driven by concerns that negotiations have stalled and that the risk of further escalation remains high.

The latest move builds on a broader surge in oil prices that has been underway for days. CNBC reported that Brent futures had gained for a seventh straight session, while WTI futures also advanced, as investors priced in the possibility of prolonged disruption. CBS News likewise reported that oil prices kept rising as the situation around the strait remained unresolved.

Tuesday’s trading had already shown the sensitivity of the market to any signal from Washington or Tehran. Reuters-style market coverage said Trump’s dissatisfaction with Iran’s offer was enough to move crude prices sharply higher, underscoring how closely energy markets are tracking the political standoff.

The increase in Brent and WTI underscores a market that remains highly vulnerable to developments in the Gulf. As long as the Strait of Hormuz remains at the center of the confrontation, oil prices are likely to stay volatile.

supply disruption | Business Upturn

Oil jumps nearly 7% as Trump rejects Iran’s Strait of Hormuz proposal