Oil Prices Surge Above $91 as Trump Questions Iran Ceasefire Deal

Oil prices jumped on Monday after President Donald Trump indicated doubt about a prospective deal with Iran to extend the current ceasefire. Brent crude rose above $91 per barrel and closed at $90.87, up 2.65%, while U.S. crude finished at $84.50, a 2.5% gain. The moves followed Trump’s comments in the Oval Office, where he said, “They want to make a deal, but they’re not going to make the kind of a deal that I feel is necessary.”

Treasury yields also rose, with the 10-year note reaching 4.72% and the 30-year yield climbing above 5.3%, its highest level since June 2007. Stock indexes slipped further, with the S&P 500 down 0.5% and the Nasdaq falling about 0.3%.

During the same remarks, Trump asserted that U.S. forces “control” the Strait of Hormuz and suggested the waterway was “open,” a claim that conflicted with recent shipping data showing minimal traffic through the strait. MarineTraffic reported only three vessels crossed on Sunday, compared with ten on Saturday, and overall traffic was down 19.5% from the previous week.

In a separate interview, Trump reportedly warned that the U.S. would take aggressive action if Oman interfered, a statement that drew attention to heightened tensions in the region. Oil prices have risen roughly 50% since the start of the year and are more than 25% higher than when the conflict began on Feb. 28.