Oil prices surged on Monday, posting their largest single-day gain in two months, after President Donald Trump indicated that diplomatic efforts between the United States and Iran may be at an end.
Brent crude, the global benchmark, rose sharply alongside West Texas Intermediate, the U.S. standard. The jump followed comments from Trump calling further negotiations with Tehran “a waste of time.”
The president’s remarks signaled a potential breakdown in any remaining cease-fire or diplomatic channels between the two nations. Markets interpreted the statement as raising the risk of renewed conflict in the Middle East.
Traders reacted swiftly, pushing oil futures higher as supply concerns from the oil-rich region resurfaced. The Strait of Hormuz, a critical shipping chokepoint, remains a focal point for potential disruptions.
The move marks the biggest percentage increase for both benchmarks since early January. Analysts noted that any escalation could tighten global crude supplies.
Investors are now watching for further signals from the White House or diplomatic intermediaries. Any official policy shift could trigger additional price swings in the coming days.
The spike also comes amid broader uncertainty in global energy markets, with traders balancing geopolitical risks against demand concerns. The rally underscores how sensitive oil prices remain to U.S.-Iran tensions.
