Oil Prices Increase Following Trump's Warning to Iran
Oil prices rose on Monday morning in Asia after US President Donald Trump warned Iran that the "clock is ticking" as negotiations aimed at ending the war have stalled.
The global benchmark Brent crude increased by 1.85% to $111.28 (£83.61), while US-traded oil rose by 2.32% to $107.87.
Energy Market Volatility Amid Strait of Hormuz Closure
Energy markets have experienced significant volatility after Iran effectively closed the strategic Strait of Hormuz waterway in retaliation for US and Israeli strikes on the country, which began on 28 February.
Approximately one-fifth of the world's oil and liquefied natural gas (LNG) typically passes through this narrow shipping route.
Trump's Urgent Message to Iran
President Trump issued a stern warning on social media, emphasizing the urgency of the situation.
"They better get moving, FAST, or there won't be anything left of them," Trump wrote. "TIME IS OF THE ESSENCE!"
Iran's Response and Negotiation Stalemate
Meanwhile, Iranian media reported that Washington had failed to provide any concrete concessions in response to Tehran's latest proposals to end the conflict.
The semi-official Mehr news agency indicated that a lack of compromise from the US would result in an "impasse in the negotiations."
Context of Trump's Previous Statements
Trump's message echoed an earlier threat that a "whole civilisation" would perish unless Tehran agreed to a peace deal, shortly before a ceasefire was announced in early April.
Last week, the president warned that the truce was on "massive life support" after rejecting Iran's demands, which he described as "totally unacceptable."
Upcoming Security Meeting
Trump is expected to hold a meeting on Tuesday with his top national security advisers to discuss options for military action concerning Iran, according to news platform Axios.
Regional Attacks During the Conflict
Throughout the conflict, Iran has launched attacks on neighboring countries including Israel, Bahrain, and the United Arab Emirates (UAE).
Drone Strike Incident Near UAE Nuclear Power Station
On Sunday, the UAE reported that a drone strike had caused a fire near its nuclear power station, describing the incident as a "dangerous escalation."
Officials are investigating the origin of the strike. The UAE's defence ministry stated that three drones entered the country from the "western border direction."
While two drones were intercepted, the third struck an electrical generator "outside the inner perimeter" of the Barakah Nuclear Power Plant in Abu Dhabi, igniting a fire.
No injuries were reported, and local authorities confirmed there was no impact on radiological safety levels.
