Oil rose for a third day as the US and Iran remained far apart on a deal to end weeks of war and reopen the crucial Strait of Hormuz.
Brent advanced toward $111 a barrel, after adding almost 8% last week, while West Texas Intermediate rose above $107. President Donald Trump made clear his patience is wearing thin, posting on social media Sunday that “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!”
A lack of clarity on progress in the talks helped boost oil last week, with Trump’s two-day summit with Xi in Beijing also yielding no concrete steps toward reopening the strait, and flows through the critical waterway remain subdued. Meanwhile, the Trump administration let a waiver for Russian crude sales lapse, despite a request by India to extend it, further tightening supply.
Iran’s semi-official Fars news agency said the US had set five main conditions for a peace deal, including the removal of uranium used by Iran’s nuclear program to the US; no US reparations to Tehran and the unfreezing of less than a quarter of Iran’s suspended assets. Fars didn’t give a source for the information, and the US hasn’t publicly commented on such stipulations.
Meanwhile, the semi-official Mehr news agency said Washington offered “no tangible concessions” while seeking “to obtain concessions that it failed to obtain during the war, which will lead to an impasse in the negotiations.”
Trump met Saturday with Vice President JD Vance, White House envoy Steve Witkoff, Secretary of State Marco Rubio and CIA Director John Ratcliffe to discuss the war, Axios reported Sunday. He is expected to meet again with his national security team on Tuesday.
“We want to make a deal,” Trump told Axios, adding he’s waiting for an updated Iranian proposal. “They are not where we want them to be. They will have to get there or they will be hit badly, and they don’t want that.”
Since the ceasefire began on April 8, Trump has repeatedly threatened to resume the bombing campaign that began on Feb. 28.
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This article was generated from an automated news agency feed without modifications to text.
