Brent crude tops $110 as Trump’s Iran remarks keep oil market on edge

Brent crude futures rose above $110 per barrel on Monday as oil markets reacted to US President Donald Trump’s latest remarks on Iran, which combined cautious optimism over ceasefire talks with renewed threats, intensifying volatility over supply flows through the Strait of Hormuz.

Global benchmark Brent was up 1.5% at $110.56 per barrel as of 1715GMT, extending sharp swings in recent sessions as traders weighed mixed signals on whether the conflict could move toward de-escalation or worsen.

Trump described Iran’s response to a US ceasefire proposal as a “significant step,” while also saying Washington had “many alternatives” and that, if it were his choice, he would “take the oil” from Iran.

Iran, however, rejected a temporary ceasefire framework and instead called for a permanent end to the war, according to Iran’s state news agency IRNA. Tehran’s reported conditions included a halt to hostilities across the region, a protocol for safe navigation through the Strait of Hormuz, reconstruction assistance, and sanctions relief.

Oil prices remain highly reactive because the Strait of Hormuz is a critical route for global crude exports, and disruptions there have already tightened physical supply.