Global oil prices surged again as tensions between the United States and Iran intensified following Tehran’s rejection of Washington’s ceasefire proposal.

In the international market, crude oil witnessed a sharp upward trend during trading. US West Texas Intermediate (WTI) crude prices increased by 1.9 percent, reaching $92.10 per barrel. Meanwhile, Brent crude also climbed and was trading at $103.92 per barrel.

This fresh increase comes just days after oil prices had dropped significantly. The earlier decline followed an announcement by US President Donald Trump, who had delayed potential strikes on Iran’s power facilities for five days, raising hopes of de-escalation.

However, the situation has taken a new turn. According to reports, Iran has rejected US conditions for a ceasefire, triggering renewed uncertainty in global markets. An Iranian senior official reportedly stated that Tehran reviewed the American proposal but considered it excessive and unacceptable.

Also Read: Iran rejects US ceasefire proposal

The official further emphasized that Iran would end the conflict on its own terms and timeline, making it clear that the US would not be allowed to dictate the outcome of the war. This strong stance has raised concerns about a prolonged conflict, which could further disrupt global oil supplies.

Analysts warn that continued geopolitical tensions in the Middle East may keep oil prices volatile in the coming days, with potential impacts on fuel prices worldwide, including in countries like Pakistan.