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Oil prices climbed above $100 per barrel in Asian trading on Monday after U.S. President Donald Trump rejected Iran’s response to a recent peace proposal, intensifying concerns over further disruptions to global energy supplies.
International benchmark Brent crude rose about 4% to $105.4 per barrel, while U.S. benchmark West Texas Intermediate gained to $100 per barrel as of 5:45 a.m. GMT.
Asian stock markets showed mixed performance following the latest developments in the Middle East.
Japan’s Nikkei 225 fell 0.6%, while South Korea’s Kospi surged more than 5.3%. Hong Kong’s Hang Seng index remained flat, and China’s Shanghai Composite edged up 0.8%.
Precious metals moved lower despite the geopolitical uncertainty. Gold dropped more than 1.4% to $4,650, while silver slipped 0.4% to $79.9 per ounce. Palladium and platinum both declined by more than 1%, falling to $1,460 and $2,020, respectively.
Cryptocurrency markets posted modest gains, with bitcoin rising 0.2% to $80,780 and ethereum adding 0.3% to $2,330.
Trump criticized Iran’s latest response to Washington’s peace initiative on Sunday, signaling a lower chance of a near-term de-escalation.
"I have just read the response from Iran's so-called ‘Representatives.’ I don't like it -- TOTALLY UNACCEPTABLE!" Trump wrote on Truth Social ahead of his scheduled visit to China this week, where the conflict is expected to dominate discussions in the bilateral meeting with Xi Jinping.
Iranian President Masoud Pezeshkian responded on Sunday by defending Tehran’s position.
"We will never bow down to the enemy, and if there is talk of dialogue or negotiation, it does not mean surrender or retreat," Pezeshkian wrote on X.
The Strait of Hormuz, a key global energy transit route that normally handles around one-fifth of worldwide oil and liquefied natural gas flows, has remained largely closed to shipping traffic since the conflict began.
The ongoing disruption has increased fears of tighter energy supplies and renewed volatility across global markets.
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