Oil prices surged past $100 a barrel on Monday after Donald Trump rejected Iran's counterproposal to end the 10-week Middle East conflict, deepening fears of prolonged disruptions to energy supplies through the Strait of Hormuz and increasing economic pressure on fuel-importing nations across Africa. Trump dismissed Tehran's response in a Truth Social post, writing: "I have just read the response from Iran's so-called 'Representatives.' I don't like it, TOTALLY UNACCEPTABLE!" He later told reporters that the state of the ceasefire was "unbelievably weak." Iran's counterproposal focused on en

Oil prices surged past $100 a barrel on Monday after Donald Trump rejected Iran's counterproposal to end the 10-week Middle East conflict, deepening fears of prolonged disruptions to energy supplies through the Strait of Hormuz and increasing economic pressure on fuel-importing nations across Africa. Trump dismissed Tehran's response in a Truth Social post, writing: "I have just read the response from Iran's so-called 'Representatives.' I don't like it, TOTALLY UNACCEPTABLE!" He later told reporters that the state of the ceasefire was "unbelievably weak." Iran's counterproposal focused on ending the war on all fronts, particularly in Lebanon, where U.S. ally Israel is fighting Iran-backed Hezbollah militants. Tehran also demanded compensation for war damage, recognition of Iranian sovereignty over the Strait of Hormuz, an end to the U.S. naval blockade, guarantees against further attacks, the lifting of sanctions and a removal of the ban on Iranian oil sales. Iran's foreign ministry described the terms as "reasonable and generous." Brent crude futures climbed $4.04, or 3.99 percent, to $105.33 a barrel, while U.S. West Texas Intermediate rose $4.43, or 4.64 percent, to $99.85. Both benchmarks had recorded 6 percent weekly losses the previous week amid hopes a deal was close. Africa, which imports more than 70 percent of its refined fuel despite holding roughly 12 percent of global reserves, has been acutely exposed to the price shock, with governments across the continent implementing measures to reduce consumption as supply disruptions widen. Saudi Aramco chief executive Amin Nasser warned that if the reopening of the Strait of Hormuz is "delayed by a few more weeks, then normalization will last into 2027," adding that even if the waterway reopened immediately, it would "still take months for the market to rebalance." Iran continued drone attacks on Gulf neighbors over the weekend, with Qatar reporting a strike on a cargo ship in its waters. Diplomatic talks between Washington and Tehran began on 11 April in Islamabad, Pakistan, lasting 21 hours, but failed to produce an agreement largely over Iran's refusal to abandon its nuclear program. Trump's rejection raises the stakes for his planned visit to Beijing later this week, where he is expected to urge Chinese President Xi Jinping to pressure Iran into making concessions, a push complicated by Beijing's recent reaffirmation of its strategic partnership with Tehran. ANZ analysts projected that Brent crude would remain above $90 a barrel through 2026 and around $80 to $85 into 2027 as inventories are gradually rebuilt.

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