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Commodities

Trump Rejects Iran Peace Plan, Oil Prices Soar

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday as tensions in the Middle East remained elevated following US President Donald Trump's rejection of Iran's peace proposal. Brent crude futures rose $3.43, or 3.29%, to $107.75 a barrel at 0540 GMT.

The proposal was announced last week at the UN General Assembly in New York and was transmitted to the Americans via Qatari mediators. Trump said on Saturday he rejected the plan but told Axios in a phone interview on Sunday that he expected US negotiators to engage in more talks this week.

Despite the rejection, diplomatic efforts have not ended. Sugandha Sachdeva, founder of SS WealthStreet, said 'The rejection has reduced hopes of an immediate breakthrough.'

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