FX.co ★ Crude Oil Extends Gains

WTI crude futures climbed toward $114 per barrel on Monday as markets reacted to Iran’s formal rejection of a 45-day ceasefire proposal and to President Trump’s latest statements. At a news conference, President Donald Trump reaffirmed a strict Tuesday 8 p.m. deadline for Tehran to reopen the Strait of Hormuz or face strikes on its power plants and bridges. Iran’s Foreign Ministry rejected the temporary truce brokered by Pakistani mediators, insisting instead on a permanent cessation of hostilities and the lifting of sanctions as preconditions for any agreement.

Physical market tightness remains pronounced, with Dated Brent surging above $140 per barrel and Saudi Arabia raising the official selling price of its flagship Arab Light crude to a record premium of $19.50 over regional benchmarks. Shipping activity through the area is still about 90% below pre-conflict levels as major exporters continue to experience severe disruptions. Overnight, Israel struck Iran’s largest petrochemical facility, while Tehran targeted energy infrastructure in Kuwait.