Brent Crude Surges as Trump Rebuffs Iran's Strait of Hormuz Proposal

North Sea Brent crude surged to $108.30 per barrel on Monday, following US President Donald Trump's rejection of Iran's proposal to reopen the Strait of Hormuz. The rally was fueled by a jump in prices, with Brent up $3.98, or 3.82%, and US benchmark WTI crude trading at $95.93, up $3.52.

Trump rejected Iran's offer on Friday, saying 'They want to make a deal, but it's not the deal I want to make.' The proposal included reopening the Strait of Hormuz within seven days, resuming nuclear talks, unfreezing Iranian assets, lifting sanctions, and ending the US naval blockade.

On Monday, Trump also hinted at banning US diesel exports, telling Fox News 'We're seriously thinking about it. That can often lead to a modest rise in gas prices for cars.'

The move would primarily affect European countries, which import most of their diesel from the US. The American Petroleum Institute warned that restricting US energy exports would worsen the problem.