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Trump Rejects Iran Peace Plan, Oil Prices Soar

Guavy AI Editorial Team
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Oil
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Oil prices surged over two percent on Monday after US President Donald Trump rejected Iran's peace proposal to resolve their conflict and reopen the Strait of Hormuz.

Brent crude futures rose by $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT, while U.S. West Texas Intermediate crude was at $94.49 a barrel, up $2.08 or 2.25%.

'Oil prices appeared to have jumped on the back of President Trump rejecting Iran’s peace proposal,' said Capital Economics' senior climate and commodities economist Hamad Hussain.

The rebound in oil prices followed a recovery in shipments via the Strait of Hormuz, which were set to hit about 7.4 million barrels per day this month.

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