Global crude oil benchmarks rallied on Wednesday after reports emerged that President Donald Trump rejected proposed terms for an Iran ceasefire deal, abruptly halting diplomatic progress.

The unexpected pushback rattled global energy markets, reigniting immediate concerns over potential supply interruptions throughout crucial Middle Eastern shipping lanes. Brent crude and West Texas Intermediate both posted sharp intraday gains.

Market analysts warn that persistent geopolitical friction between Washington and Tehran will likely sustain upward pressure on energy prices in the coming weeks.