Trump Rejects Iran Peace Proposal: Oil Prices Surge

Oil prices have surged to nearly $93 per barrel as US President Donald Trump rejected Iran's proposal for peace and reopened trade in exchange for sanctions relief and a ceasefire.

The West Texas Intermediate (WTI) crude price is up 1.15% while Brent crude has climbed 1.68% to $106.07, putting the $110 mark back into focus.

Tehran's offer was rejected over the weekend despite negotiations expected to resume this week.

The situation in the Middle East remains volatile with further attacks across the region, including Saudi Arabia facing additional missile and drone attacks from Yemen's Houthi forces.