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Oil Surges on Collapsed Iran Ceasefire Negotiations

Crude prices climbed Monday as diplomatic efforts to end Middle East hostilities deteriorated sharply. West Texas Intermediate futures for June delivery advanced nearly 3% to $98, while Brent crude for July settlement rose nearly 3% to $104. President Donald Trump rejected Iran's counterproposal to resolve the conflict, characterizing the ceasefire as effectively defunct. Israeli Prime Minister Benjamin Netanyahu reinforced tensions by signaling unfinished military objectives. He cited remaining nuclear enrichment sites and ballistic missile production capabilities that require elimination. Both benchmarks have appreciated more than 40% since the U.S. and Israeli military campaign commenced in February. The escalating rhetoric raises fresh concerns about energy supply disruptions in the region. Analysts warn crude could spike further if negotiations remain stalled, though elevated global inventories and strategic petroleum reserve releases have provided some price moderation to date.