Trump Rejects Ceasefire Offer, Crude Oil Prices Soar Amid Global Inflation Concerns

US President Donald Trump rejected Iran's proposed seven-day ceasefire, sending crude oil prices soaring in the international market. The Strait of Hormuz, a vital global energy supply route, has become a significant point of contention between the US and Iran.

Iran had offered to reopen the Strait of Hormuz if its demands were met, including the release of frozen Iranian assets, the lifting of sanctions on Iranian oil, and the end of the US naval blockade. However, Trump stated that Iran's proposal could not be accepted, although he hinted at the possibility of resumed talks between the two countries.

Crude oil prices had fallen by over 2% on Friday after the ceasefire proposal was made public, but they rose again on Monday, with North Sea crude oil prices increasing by 1.8% to $106.19 per barrel and US West Texas crude oil prices rising by 1% to $93.34 per barrel.