London: Brent crude futures climbed above $110 per barrel on Monday as the oil market responded to US President Donald Trump's recent comments on Iran. These remarks combined cautious optimism regarding ceasefire discussions with renewed threats, leading to increased volatility concerning supply flows through the Strait of Hormuz.

According to Anadolu Agency, global benchmark Brent rose 1.5% to $110.56 per barrel as of 1715GMT. This increase extended the sharp fluctuations seen in recent sessions as traders evaluated mixed signals about whether the conflict might de-escalate or escalate further.

Trump characterized Iran's reaction to a US ceasefire proposal as a 'significant step,' but also mentioned that the US had 'many alternatives' and expressed his willingness to 'take the oil' from Iran if it were his decision. Conversely, Iran dismissed a temporary ceasefire framework, calling instead for a permanent end to the conflict. As reported by Iran's state news agency IRNA, Tehran's conditions included ceasing hostilities across the region, establishing a protocol for safe navigation through the Strait of Hormuz, reconstruction assistance, and relief from sanctions.

Oil prices continue to be highly sensitive due to the strategic importance of the Strait of Hormuz as a vital channel for global crude exports, with disruptions already contributing to tightened physical supply.