Commodities
Trump Rejects Iran Peace Deal, Oil Prices Soar Amid Ongoing Mideast Tensions
Oil prices rebounded more than 1% 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 $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 rejection of the peace plan has kept tensions in the Middle East elevated, with geopolitical risks remaining high as the Houthis and Iran continued their attacks on Saudi Arabia, leaving regional supply flows vulnerable, according to ANZ analysts.