Middle East war: Oil spikes amid no signs of de-escalation

Brent crude prices opened the week above $105 per barrel, amid ongoing US-Iran negotiations over maritime access. US President Donald Trump dismissed a peace deal proposed by Iran last week, according to Axios. Iranian mediators presented a seven-day truce plan tied to the reopening of the Strait of Hormuz. However, Trump expressed dissatisfaction, stating that the deal did not meet his expectations.

Negotiators are seeking concessions from Iran on its nuclear program to facilitate ceasefire talks with Washington. In his UN General Assembly speech, Trump suggested he might "annihilate" Tehran's government to prevent it from developing a nuclear weapon. Despite this, Trump indicated diplomatic channels remain open, with talks expected to resume the following week.

US Central Command (CENTCOM) has redirected 122 commercial vessels, disabled over three, and boarded two in an attempt to prevent ships from entering or leaving Iranian ports. Meanwhile, 80 nations have signed a joint statement urging the immediate reopening of the Strait of Hormuz for commercial vessel navigation. As of Saturday, 21 vessels attempted to transit the strait – 18 inbound, eight outbound.

Nine vessels completed their transit in "dark mode," meaning they did not broadcast their movements. This suggests reluctance among some ships to reveal their presence. The transit volume was 50% higher than Friday's, but still significantly lower than the pre-war average of 140 daily crossings. Bahrain's Minister of Foreign Affairs, Abdullatif bin Rashid Al-Zayani, called for the full restoration of free transit in line with navigational rights and freedoms, without delay.