Trump Rejects Iran Peace Deal, Oil Prices Rebound on Elevated Tensions

Oil prices rebounded on Monday after US President Donald Trump rejected Iran's peace proposal to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the region elevated.

Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT, while US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%.

The proposed peace deal was announced last week at the UN General Assembly in New York, where Iran said it had been transmitted to the Americans via Qatari mediators.

However, Trump rejected the plan on Saturday but told Axios that he expected US negotiators to engage in more talks this week.