Brent Crude Surges Past $107 as Trump Rejects Iran's Proposal

Crude oil prices have surged in global markets, reaching new heights as Brent crude surpassed $107 per barrel. This significant increase comes after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days.

The Strait of Hormuz is a critical maritime route for oil shipments, and its closure has had a major impact on global oil prices. With this development, crude oil prices have risen by nearly 3% in global markets.

Meanwhile, Saudi Arabia's official news agency reported that Foreign Minister Prince Faisal bin Farhan arrived in Washington for talks with US Secretary of State Marco Rubio. The two leaders are expected to discuss bilateral relations and regional and international issues.