Oil Prices Surge on US-Iran Tensions, Qatari Mediation Efforts

Oil prices rose on Monday but eased off session highs as Qatari mediators planned to hold talks with the US and Iran to find a possible peace deal.

The surge in oil prices came after US President Donald Trump rejected an Iranian proposal that would reopen the Strait of Hormuz, a key shipping route for global oil supplies.

Qatari mediators are expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi in New York and with the US side on Monday or Tuesday.

The talks will focus on an amended version of a seven-day proposal that Iran presented last week, according to an official briefed on the negotiations.