Trump Rejects Iran Peace Plan, Oil Prices Rebound
Oil prices saw a rebound of over 1% on Monday after US President Donald Trump rejected a peace proposal from Iran to resolve their conflict. The move kept tensions in West Asia elevated, with geopolitical risks remaining high.
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 Iranian peace plan, announced last week at the UN General Assembly in New York, aimed to resolve the conflict and reopen the Strait of Hormuz. However, Trump said he rejected the proposal but expected US negotiators to engage in further talks this week.
ANZ analysts noted that geopolitical risks remain elevated due to ongoing attacks by the Iran-backed Houthis on Saudi Arabia, leaving regional supply flows vulnerable.