Oil Prices Surge on Trump's Rejection of Iran Peace Proposal
Oil prices rebounded more than 2% on Monday after US President Donald Trump rejected Iran's peace proposal to resolve their conflict and reopen the Strait of Hormuz.
Brent crude oil futures rose $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT, while US West Texas Intermediate crude was at $94.49 a barrel, up $2.08 or 2.25%.
'Oil prices appeared to have jumped on the back of President Trump rejecting Iran’s peace proposal,' said Hamad Hussain, senior climate and commodities economist at Capital Economics.