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Trump Rejects Iran Peace Plan, Oil Prices Soar Amid Strait of Hormuz Concerns

Guavy AI Editorial Team
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Oil prices surged on Monday after US President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz.

Brent crude oil futures rose $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT, while WTI crude also climbed by $2.08, or 2.25%, to $94.49 a barrel.

The increase in oil prices was largely due to Trump's rejection of the peace proposal, which had been presented by Iran through Qatari mediators as part of efforts to find a diplomatic solution to the conflict.

Hamad Hussain, senior climate and commodities economist at Capital Economics, noted that oil prices jumped after Trump rejected Iran's plan.

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