Oil prices soar after Trump rejects Iran's proposal; Tehran stands by offer, warns it is prepared for 'doomsday war'

The price of oil soared 3 percent after Asian markets closed, following Donald Trump's resounding "no" to Iran's latest peace proposal, which the U.S. president called "cynical." The ayatollahs reiterated their offer but warned that "we will stand firm against any aggression against us, even if it leads to the War of the Last Judgment."

When markets reopened on Monday, North Sea Brent oil, the global market benchmark, rose 3.1% to $107.51 per barrel. Its U.S. equivalent, West Texas Intermediate, rose 2.1% to $94.32 per barrel.

From Washington, Trump said he believes they will return to the negotiating table later this week, confident in the economic impact his sanctions are having on Iran's battered economy.

Bessent: The Iranians "are on their knees"

In fact, Treasury Secretary Scott Bessent stated on Fox that the Ayatollahs' regime will have "nothing" left to negotiate with in just two weeks:

"I am confident, given that there’s only 15 million more barrels of Iranian oil on the water, that Iran will have nothing left to trade for anything. Probably within the next two weeks, they are going to make their final deliveries of oil to China, and then they will have nothing. It is an empty set. And I believe that they are feeling the pressure here, and that’s why they want a deal,” he stated.

Furthermore, Bessent added that "The straits are open. We’re averaging now 15 to 22 million barrels a day… It was at about 20 million pre-conflict."  In other words, Iran's main weapon for maintaining pressure would be neutralized, according to the Treasury Secretary.

"They are isolated from the world. They are a pariah state. And my job is to make sure that, when they come with a deal, that they want to stick to it. They did not stick to the MOU.. Next time, if there is a deal, and that’s at President Trump’s discretion, they will stick to it, because they are on their knees," he said.

Iran,rReady for "The War of the Apocalypse"

In an interview with NBC, while in New York to participate in the UN General Assembly, Iranian Foreign Minister Abbas Araghchi called for diplomacy, warning, however, that the Ayatollahs' regime is prepared to resist and escalate the conflict in the event of new attacks:

"If you ask us, there is no reason why we should go back to diplomacy, but I am still trying diplomacy because I think we shouldn’t miss any chance for peace. We are ready to negotiate as much as we are ready to face any challenge ... We stand firm in the face of any aggression against us, even if it comes to a doomsday war,” he said.