Trump Rejects Iran Ceasefire Proposal, Oil Prices Soar

Oil prices have continued to rise as hopes for an easing of tensions in the Middle East fade. US President Donald Trump rejected Iran's proposal for a seven-day ceasefire over the weekend, dealing a blow to market sentiment.

The rejection came after Trump denied reports that he had offered Iran sanctions relief and the release of frozen funds in return for concrete steps on its nuclear program. 'Axios just released a story that 'Trump' offered sanctions relief and frozen funds to Iran. This is untrue. I offered them NOTHING!' Trump wrote on his Truth Social platform.

The Strait of Hormuz, a critical shipping route, remains at the center of the conflict between the US and Iran. Iranian officials have expressed pessimism about reaching an agreement to reopen the strait before the US midterm elections in November.