Trump Rejects Iran Peace Proposal, Crude Prices Spike Amid Global Tensions

Oil prices rebounded after President Donald Trump rejected an Iranian peace proposal, adding fresh uncertainty to an already tense energy market.

The proposal was intended to help resolve the conflict and reopen the Strait of Hormuz, a critical route for global energy shipments, according to Reuters.

Brent crude and U.S. West Texas Intermediate crude both gained as traders weighed diplomatic developments against signs that some Middle Eastern exports were recovering.

Iran has maintained that diplomacy remains the path toward resolving the conflict, while Trump has left open the possibility of additional negotiations.