Trump Rejects Iran Peace Deal, Sending Oil Prices Soaring
Oil prices rebounded on Monday after US President Donald Trump rejected a peace deal between Iran and major world powers. The move sent shockwaves through the markets, causing oil prices to surge in response to increased tensions in the region.
The Iran nuclear agreement was reached in July 2015, but its implementation has been delayed due to disagreements over key issues. Trump's decision to reject the deal is seen as a major blow to efforts to curb Iran's nuclear program and ease sanctions on the country.
Oil prices had fallen sharply in recent weeks due to oversupply concerns, but the news of Trump's rejection sent them soaring. The Brent crude price rose by 1.4% to $63.65 per barrel, while the West Texas Intermediate (WTI) price increased by 1.2% to $56.85 per barrel.