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President Trump casts doubt on new Iran deal, causing oil prices to jump sharply on Monday.

President Trump expressed skepticism regarding a potential new deal with Iran to extend the expiring ceasefire, leading to a sharp increase in a market reaction. Following his comments in the Oval Office, the international oil benchmark Brent jumped above $91 per barrel, while U.S. crude oil rose by 2.5% to close at $84.50 per barrel. President Trump also stated that U.S. forces maintain total control over the Strait of Hormuz through a naval blockade. While he noted the waterway was open, shipping data showed a significant decrease in traffic compared to pre-war levels. The administration announced that oil prices would fall dramatically once the war ends. However, current prices remain elevated, with gas prices at a national average of $4.06 per gallon, a 36% increase since the conflict began. Treasury yields also rose toward their highest levels of the day as a result of the market reaction.

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