Behind the scenes, the US and Tehran have been communicating, cementing the terms for an actual peace agreement amidst of fragile ceasefire. Just yesterday Trump felt confident, after having communicated demands to Iran, but they've since responded, and he's not happy.
As the BBC reports, Trump calls Iran's response "totally unacceptable". It's unclear currently what exactly is in this response, but reports claim sovereignty of the Strait of Hormuz, as well as war reparations.
As a result of Trump's remarks, the international oil benchmark, Brent, rose an additional 4.1% to $105.50 per barrel.
Following the Trade Economics' pricing index for crude oil, the overall barrel price has risen over 60% since the same time last year.
It's currently unclear how negotiations will continue, given Trump's response.