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Brent Crude Surges as Trump Rejects Iranian Proposal on Hormuz

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday as tensions in the Middle East remained high due to the ongoing conflict and the uncertain reopening of the Strait of Hormuz.

The price of Brent crude rose by over 3% after US President Donald Trump rejected an Iranian proposal aimed at ending the conflict, with Brent futures gaining $3.43 or 3.29% to reach $107.75 per barrel at 0540 GMT.

This increase was also reflected in the price of West Texas Intermediate (WTI) crude, which rose by 2.32% to $94.55 per barrel.

The rejection of the Iranian proposal came despite Trump's statement that US negotiators would hold further talks with Iran this week.

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