Trump Rejects Iran Peace Plan, Oil Prices Spike Amid Middle East Tensions

Oil prices have surged following US President Donald Trump's rejection of Iran's peace proposal to resolve their conflict and reopen maritime navigation in the Middle East. The move has prolonged tensions between the two nations, causing a ripple effect on global oil markets.

The Brent crude futures price climbed $1.32, or 1.27 percent, to $105.64 per barrel, while US West Texas Intermediate crude rose by 70 cents, or 0.76 percent, to $93.11 per barrel.

Iran had announced its peace proposal last week at the United Nations General Assembly in New York, stating that it was referred to the Americans through intermediaries. However, Trump rejected the plan, indicating that American negotiators would continue talks this week.