Oil prices pushed higher Monday, with Brent crude topping $94 per barrel and WTI climbing above $90, after President Donald Trump sent a proposed Iran peace agreement back for revisions, raising fresh questions about how quickly the Strait of Hormuz can be fully reopened to global energy shipments.
Brent crude was trading at $94.23 per barrel while WTI stood at $90.87 at 6:06 a.m. ET on Monday, trading as investors digested news reports.
According to multiple reports, Trump requested stronger language on Iran’s nuclear commitments and more explicit provisions governing the reopening of Hormuz, indicating that negotiations are not nearing completion, as suggested by Washington. CNN reported that the president reviewed the draft agreement with advisers before sending it back for changes, with discussions expected to continue for at least another week.
The latest proposal reportedly includes a 60-day cessation of hostilities, provisions to reopen the Strait of Hormuz, and a framework for future nuclear negotiations. However, major sticking points remain, including the fate of Iran’s highly enriched uranium stockpile, the scope of sanctions relief, and the guarantees Tehran is demanding before signing a final agreement.
Hormuz remains the most important energy chokepoint in the world, carrying roughly one-fifth of global oil trade and a significant share of LNG exports from Gulf producers. Any delay in securing unrestricted shipping through the waterway is likely to keep a geopolitical risk premium embedded in crude prices.
Over the weekend, Trump attempted to infuse more optimism into a deal, saying on Truth Social that Iran “really wants to make a deal” while urging critics to allow negotiations to continue. In a separate interview with Fox News, he reiterated that preventing Iran from obtaining a nuclear weapon remains his primary objective and warned that military options remain available if diplomacy fails. Trump also said Iran had agreed to language preventing it from developing, acquiring, or purchasing a nuclear weapon, despite his request for nuclear-related revisions.
Source: oilprice