Oil Prices Surge as Trump Rejects Iran Peace Proposal
Oil prices surged on Monday after US President Donald Trump rejected Iran's peace proposal to resolve their conflict, keeping tensions in the Middle East elevated.
Brent crude futures rose by over 3% to $107.75 a barrel, while US West Texas Intermediate crude increased by 2.32% to $94.55 a barrel.
The rejection of the peace deal has reduced hopes for an immediate breakthrough, although diplomatic efforts continue.
Sugandha Sachdeva, founder of SS WealthStreet, noted that Brent futures face resistance at $120 a barrel and may pull back if shipping improves or talks make progress.