Oil prices rose after Iran rejected the proposed ceasefire

Global oil prices began to rise on the evening of April 6, 2026, following reports that Tehran had officially rejected a proposal for a 45-day ceasefire. 

This was reported by Interfax-Ukraine.

According to the IRNA news agency, Iranian authorities conveyed a demand to the U.S. through intermediaries for a complete cessation of hostilities rather than a temporary lull. In response, official representatives in Washington called this position “maximalist,” which heightened market fears of further escalation of the conflict and a prolonged blockade of the Strait of Hormuz.

As of Monday evening, the price of June Brent futures on the London ICE exchange rose to $110.01 per barrel, while May WTI futures climbed to $112.41. Investors are bracing for a possible intensification of strikes on Iran’s energy infrastructure, as the deadline for U.S. President Donald Trump’s ultimatum regarding the reopening of sea lanes is set to expire shortly. The situation is exacerbated by OPEC+ statements regarding the prolonged impact of the war on global energy supplies, while Russia is attempting to use oil prices to mitigate the effects of sanctions. The global energy market remains highly volatile due to the risks of a large-scale shortage of raw materials.