Oil Prices Surge on Trump's Rejection of Iran Peace Proposal

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

Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT, while US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%.

The rejection of the peace plan came despite Iran's announcement last week that it had been transmitted to the Americans via Qatari mediators.

Geopolitical risks remain elevated due to ongoing attacks on Saudi Arabia by the Houthis and Iran, leaving regional supply flows vulnerable.