Brent crude jumps 3% to $108.5 as Iran–US talks stall over the weekend
Strait of Hormuz remains constrained, fuelling supply and recession concerns
Trump says Iran “can call” to negotiate as diplomatic efforts intensify
Oil markets surged on Monday after the second round of Iran–US negotiations stalled over the weekend and the White House scrapped a planned visit to Islamabad by Washington’s top envoys. Benchmark Brent crude rose 3% to hit a three-week high of $108.5 per barrel.
US President Donald Trump said on Sunday that Iran could reach out if it wanted to negotiate an end to the ongoing conflict, which is now entering its second month. “If they want to talk, they can come to us, or they can call us. You know, there is a telephone.
1 April 2026
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We have nice, secure lines,” Trump told Fox News. “They know what has to be in the agreement. It’s very simple: They cannot have a nuclear weapon; otherwise, there’s no reason to meet.”
Trump’s remarks came as Iran’s foreign minister visited Russia on Monday to seek support from President Vladimir Putin.
Iranian Foreign Minister Abbas Araqchi was in touch with mediators Pakistan and Oman on Sunday before heading to Moscow.
Both Iran and the US remain far apart and are struggling to find common ground, particularly on Iran’s nuclear ambitions and control over the Strait of Hormuz.
The vital waterway, which carries nearly 20% of global energy trade, remains restricted, with analysts warning of recession risks if the conflict extends beyond May.
Iran Strengthens Global Support
According to a Reuters report citing Axios, Iran has presented a new proposal to the US—communicated via Pakistan—offering to reopen the Strait of Hormuz and end hostilities, with nuclear negotiations deferred to a later stage.
The report also noted that Trump is facing mounting domestic pressure and waning support for the war. Two senior Pentagon officials, including US Army Chief Randy A. George and Navy Secretary John Phelan, have stepped down amid heightened tensions.
Meanwhile, Iran has been ramping up diplomatic outreach despite military setbacks. Araqchi visited Islamabad and Muscat on Sunday for talks with mediators before travelling to Moscow.
