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Brent crude pushed past $110 per barrel again on Tuesday as markets reacted to signs that U.S.–Iran talks may stall, with President Donald Trump appearing unwilling to move forward with Tehran’s latest proposal.
The global benchmark gained around 1%, while U.S. crude WTI hovered near $97.8 per barrel, keeping close to the $100 threshold.
Across Asia, equities mostly turned lower, with Japan’s Nikkei 225 dropping more than 1% after the Bank of Japan kept its policy rate unchanged at 0.75% while lifting its inflation forecast to 2.8%, pointing to rising energy costs as a key driver.
Hong Kong’s Hang Seng fell 1.2% and China’s Shanghai Composite slipped 0.3%, while South Korea’s Kospi posted a modest 0.4% gain.
Safe-haven assets fail to hold ground, with gold sliding over 1% to around $4,600 per ounce, silver dropping 3% to $73.2, and both palladium and platinum losing roughly 1.5%.
Cryptocurrencies also move lower, with Bitcoin down 1.3% to $76,670 and Ethereum falling 2% to $2,270.
Reports suggest that the U.S. is unlikely to accept Iran’s offer, which aimed to reopen the Strait of Hormuz, a critical route carrying roughly one-fifth of global oil and LNG flows, in exchange for easing U.S. restrictions on Iranian ports.
Tehran had sent written messages through Pakistan outlining its conditions, including delaying discussions on its nuclear program until later stages of negotiations. U.S. officials, however, continue to insist that nuclear issues must be addressed from the outset.
Trump conveyed his position during a meeting with senior national security officials on Monday, signaling dissatisfaction with the proposal as it leaves core nuclear concerns unresolved.
After a two-week ceasefire that began on Feb. 28, Washington and Tehran held indirect talks in Islamabad in early April, but they failed to produce a breakthrough.
Hopes for a deal briefly rose after Trump extended the ceasefire indefinitely, but faded last weekend when he abruptly canceled a planned Islamabad trip, pulling back senior advisers Jared Kushner and envoy Steve Witkoff, as Tehran issued fresh threats over a U.S. naval blockade of its ports.
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