Brent crude climbs above $105 after Trump rejects Iran response

US President Trump rejected Iran’s response, raising concerns about further escalation of the conflict and continued disruption of energy supplies through the Strait of Hormuz. Brent crude and WTI prices surged, fueling worries about potential supply shortages. Saudi Aramco’s CEO warned that approximately 1 billion barrels of oil have been lost due to the war, and markets will take time to stabilize.