- Oil prices surged after Donald Trump expressed dissatisfaction with Iran's latest proposal to end the ongoing conflict.
- Iran's proposal reportedly offered to lift its blockade of the Strait of Hormuz without addressing its nuclear programme, a condition Trump insists upon for any deal.
- The diplomatic deadlock has kept the Strait of Hormuz, a vital shipping route for 20 per cent of global oil and gas, largely closed, while the US maintains its blockade on Iranian ports.
- Brent crude reached $108.13 per barrel and US West Texas Intermediate hit $96.48, both significantly higher than pre-war levels.
- Elevated oil prices are impacting global markets, with Asian stocks subdued and India facing increased inflation risks and a widening import bill, while central banks prepare for policy decisions.
IN FULL
