Oil prices surge after Trump warns Iran as global markets fall

Brent crude futures climbed 1.81% to $111.27 per barrel, while West Texas Intermediate rose 2.15% to $107.69, as investors reacted to Trump’s statement that Iran must move quickly toward a deal or face severe consequences, News.Az reports, citing Euro News.

Trump posted on Truth Social saying the “clock is ticking” for Iran and warning that “there won’t be anything left” if progress is not made, escalating already high tensions between Washington and Tehran.

The rise in oil prices was also driven by fears of further escalation after a weekend drone strike on a nuclear power plant in the United Arab Emirates added to regional instability.

Global equity markets reacted negatively, with Japan’s Nikkei 225 and South Korea’s Kospi moving lower after recent record highs, while Hong Kong, Shanghai, Australia, Taiwan and India also saw declines.

The US dollar strengthened against the Japanese yen, while the euro remained relatively stable, as investors shifted toward safer assets amid uncertainty.

On Wall Street, US stock futures were flat after sharp losses on Friday, when the S&P 500, Dow Jones Industrial Average and Nasdaq all fell from record levels.

Technology stocks led the decline, with companies such as Nvidia and Micron Technology dropping significantly as investors reassessed high valuations following months of strong gains driven by artificial intelligence optimism.