Oil Prices Soar as Trump Rejects Iran's Proposal, Tensions Rise
Oil prices surged by more than 3% on Monday as hopes of resolving the Hormuz crisis dwindled after President Donald Trump rejected Iran's latest proposal.
The price of Brent crude, the international benchmark for oil, rose to $105.03 per barrel before easing back slightly as of 12:32 a.m. EDT on Tuesday.
The escalation in tensions was fueled by reports that talks to reopen the Strait of Hormuz had stalled over the weekend.
Trump stated on Saturday that Tehran's latest proposal for ending the seven-month US-Israel war on Iran was not acceptable, further exacerbating the situation.