Oil Prices Soar on Trump's Rejection of Iran Peace Deal

Oil prices surged on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz.

The Brent crude futures rose $3.43, or 3.29%, to $107.75 a barrel at 0540 GMT, while US West Texas Intermediate crude was at $94.55 a barrel, up $2.14, or 2.32%.

Iran announced a peace proposal last week at the UN General Assembly in New York, saying it had been transmitted to the Americans via Qatari mediators.

Trump said on Saturday he rejected the plan, but told Axios in a phone interview on Sunday that he expected US negotiators to engage in more talks this week.