Global oil prices surpass $100 a barrel as Iran war nears one-month mark

By Nora Redmond and Isabel Wang

Trump warns Iran 'better get serious' about peace talks before 'too late'

Iran rejected the U.S.'s peace plan on Wednesday, instead submitting its own set of proposals.

Oil prices were climbing again on Thursday morning as the war in Iran approaches its one-month mark - with little sign of an end in sight.

The front-month Brent crude contract for May delivery (BRNK26) was up nearly 5% to $107.16 a barrel, while the most-active June contract (BRNM26) was up 4.3%, at $101.56.

West Texas Intermediate contracts (CL.1) (CLK26) for May delivery were up 4.2% to $94.07 a barrel, according to FactSet data.

The surge in oil prices comes after Tehran rejected President Donald Trump's 15-point peace plan on Wednesday. Abbas Araghchi, Iran's foreign minister, told Iranian state TV that there had been no talks or negotiations with the U.S.

Trump said the White House had been having "very good and productive" discussions with Iran's government. The proposal, which was sent via Pakistan, included a one-month cease-fire. Iran instead submitted its own set of demands. Edward Meir, an analyst at Marex, told MarketWatch on Wednesday that the two plans share no similarities.

"Donald Trump insists that peace negotiations are ongoing, describing developments in the Middle East as 'big', but he is no longer controlling the narrative," Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in a note on Thursday, adding that Tehran has mocked Washington's proposal.

"This reflects where we stand in negotiations," she said. "Investors won't likely feel at ease just yet."

On Thursday morning, Trump said in a social-media post that Iranian negotiators had been "begging" for a deal but refusing to acknowledge that publicly.

"They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won't be pretty!" he said.

On Wednesday, Deutsche Bank said that 54% of respondents to its global markets survey for the first quarter - which was conducted earlier this week - expect a cease-fire by the end of April. However, the majority believe the Strait of Hormuz won't return to regular levels of operation until June at the earliest.

-Nora Redmond -Isabel Wang

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03-26-26 0845ET