Brent Crude Surges Above $100 as Iran Rejects US Negotiations

Oil prices surged on Monday as concerns grew over disruptions to oil flows through the Strait of Hormuz. Brent crude futures rose above $100 per barrel, up 3.2% from the previous close at $97.44.

The increase comes after Iran's Foreign Minister Abbas Araghchi ruled out near-term negotiations with the US, citing seven conditions that Washington must meet before talks can resume. These conditions were conveyed through Qatari mediation during a visit to New York for the UN General Assembly.

US President Donald Trump responded by saying that the US had rejected Iran's conditions. He stated that Tehran wants to make a deal where they open the Strait immediately because they're losing badly, adding that he expected further talks with Iran this week.