Oil Prices Surge, Then Ease, as Qatari Mediators Plan US-Iran Talks

Oil prices surged on Monday after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, but eased off session highs as Qatari mediators planned talks with the US and Iran to find a possible peace deal.

Brent futures rose by 91 cents, or 0.9%, to $105.23 a barrel at 1:33 p.m. EDT (1733 GMT), while US West Texas Intermediate (WTI) crude was up 20 cents, or 0.2%, to $92.61.

The Qatari mediators were expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi in New York and with the US side on Monday or Tuesday, according to an official briefed on the negotiations.