Brent crude climbs above $105 after Trump rejects Iran response

Brent crude oil prices have surged above $105 following former President Donald Trump's rejection of Iran's response to U.S. sanctions. This development heightens geopolitical tensions, which can lead to supply disruptions in the oil market, thereby influencing price dynamics. The oil market is particularly sensitive to such news due to its reliance on stable supply from the Middle East, where Iran plays a significant role. Traders will be closely watching for any further statements from U.S. officials or developments in Iran's nuclear negotiations that could impact sanctions and oil supply.

Brent crude is the international oil benchmark, priced in the North Sea. Unlike WTI it reflects global supply/demand — Middle East geopolitics, OPEC+ cuts, Russian export sanctions, and Asian refinery demand all drive Brent intraday.

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