Oil markets surged Sunday as negotiations between Washington and Tehran stalled, prompting President Trump to label Iran’s counter‑proposal “totally unacceptable.” Tehran insists a 30‑day cease‑fire and a lift of the Hormuz blockade remain on the table, but no concrete terms emerged. Brent crude climbed roughly 2.7%, trading near $104 a barrel in global markets, while U.S. West Texas Intermediate rose about 3% to $98.

Energy Secretary Chris Wright signaled the administration may suspend the federal gasoline excise tax, which adds 18.4 cents per gallon, to ease domestic price pressure for consumers. AAA reported the national regular‑gasoline average slipped a penny to $4.52, still about 52% above pre‑war levels. Diesel held steady at $5.65, reflecting a 50% premium since hostilities began.

Equity markets opened lower, with S&P 500 futures down roughly 0.4% as investors priced in higher energy costs. The sharp oil rally underscores how fragile geopolitical negotiations have become a direct driver of commodity pricing, squeezing profit margins for airlines and logistics firms already coping with elevated fuel bills. Traders now watch Tehran’s next move for further market sway.