OIL prices have risen for the first time since the ceasefire in Iran, after Donald Trump said Iran’s response to United States proposals to end the war was “totally unacceptable”.
Brent crude oil has risen back above $100 a barrel after Trump posted on social media rejecting Iran’s response to US proposals. It is the first time prices have risen since April 8, when a ceasefire in Iran was announced.
Tehran’s response included a call for an immediate end to the war on all fronts, a halt to the US naval blockade of Iranian ports and guarantees of no further attacks on Iran according to the country's news agency, Tasnim.
The response was sent via Pakistan, who has served as a mediator since a ceasefire meant to facilitate talks to end the war began in February.
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Responding to Tehran's terms, Trump took to social media on Sunday, May 10, calling the response "totally unacceptable".
The president's post on Truth Social read: "I have just read the response from Iran's so-called 'Representatives.' I don't like it - TOTALLY UNACCEPTABLE."
Washington's terms which were released May 6, had included restoration of free transit through the Strait of Hormuz and the suspension on Iranian nuclear enrichment, according to US news outlet Axios.
Axios reported that the one-page, 14-point US memorandum includes provisions such as a suspension on Iranian nuclear enrichment and the lifting of sanctions.
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It cited two US officials and two other sources whom it described as briefed on the issues.
These sources were reported as saying that the terms laid out in the memo would be "contingent on a final agreement being reached".
The Strait of Hormuz has remained blocked by Iran, where about 20% of the world's oil and liquefied natural gas passes through.
The waterway has been shut since the US and Israel launched an attack on Iran on February 28, disrupting global supplies of oil and gas.
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Major energy companies have seen profits jump as prices of oil and gas have soared on global markets.
On Sunday May 10, Aramco a Saudi Arabian Oil Company said its earnings had jumped by more than 25% in the first three months of the year compared to the same period in 2025.
Last month, BP reported that its profits for the first three months of the year had more than doubled, while Shell announced last week that its earnings had jumped.
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