Commodities
Trump Rejects Iran Peace Deal, Crude Oil Prices Surge
Crude oil prices surged on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz.
Brent crude futures rose $3.43, or 3.29 percent, to $107.75 a barrel at 08:40 a.m. Saudi time, while US West Texas Intermediate crude was at $94.55 a barrel, up $2.14, or 2.32 percent.
The rejection of the peace plan has reduced hopes of an immediate breakthrough, although diplomatic efforts have not ended, according to Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.