Tensions Keep Oil Prices Elevated After Trump Rejects Iran Proposal

Oil prices have remained elevated for seven months following US and Israeli joint strikes on Iran in February. The latest price increase comes after US President Donald Trump rejected a peace proposal put forward by Iran through Qatari mediators.

Brent crude rose 1.18% to $105.50 per barrel, while US West Texas Intermediate (WTI) gained 0.77% to $93.12 on Monday. The price increase follows a mixed performance last week, where Brent edged 0.4% higher and WTI dropped 7.9% due to concerns over potential US restrictions on diesel exports.

Despite the continued tensions in the region, oil exports from major Middle East producers have picked up in September. Preliminary Kpler data showed crude exports from key producers rose to 12.8 million barrels per day, the highest level since February's conflict began.