Trump Rejects Iran Peace Deal, Oil Prices Surge Amid Strait of Hormuz Tensions

Oil prices surged more than 1% on Monday after US President Donald Trump rejected Iran's proposal to resolve their conflict and reopen the Strait of Hormuz.

The rejection of the peace deal has maintained pressure on markets through prolonged uncertainty, driving oil price volatility. The Strait of Hormuz remains a critical chokepoint for global energy flows, and its closure or restricted access continues to impact supply dynamics and price direction.

Brent crude futures rose $1.82, or 1.74%, to $106.14 a barrel by 2202 GMT while US West Texas Intermediate crude was at $93.55 a barrel, up $1.14, or 1.23%.