Brent oil tops $110 on report U.S. views latest Iranian proposal as insufficient

Oil prices rose Monday on a report that the U.S. views Iran’s latest proposal to end the war as insufficient.

International benchmark Brent crude futures for July rose more than 1% to $111.04 a barrel. U.S. West Texas Intermediate futures for June advanced more than 1% to $106.97 per barrel by 12:19 p.m. ET.

A spokesman from the Iranian Foreign Ministry said that talks were ongoing through Pakistan and that both Washington and Tehran had sent in their latest comments to a proposal from Iran.

A senior U.S. official told Axios that the proposal is not a meaningful improvement and is insufficient for a deal. President Donald Trump is expected to meet with his national security team Tuesday to discuss military options, two U.S. officials told Axios.

Meanwhile, Iran’s Tasnim news said the U.S. has offered a temporary reprieve to oil sanctions, a key demand Tehran has been seeking. A U.S. official told CNBC that Iran’s claim was false.

Over the weekend, Trump had warned that Iran “better get moving” on a deal, warning that a delay in reopening the Strait of Hormuz could lead to a resumption in armed conflict. The president’s comments came as experts point to record low oil inventories.

Trump said a Truth Social post on Sunday that “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them,” adding that “TIME IS OF THE ESSENCE!”