Trump Rejects Iran Peace Proposal, Oil Prices Surge
Oil prices surged on Monday as tensions between the US and Iran remain elevated following President Donald Trump's rejection of an Iranian peace proposal. The Brent crude futures rose $3.43, or 3.29%, to $107.75 a barrel at 0540 GMT, while US West Texas Intermediate crude was at $94.55 a barrel, up $2.14, or 2.32%.
The Iranian peace proposal, which was announced last week at the UN General Assembly in New York, included a plan to resolve their conflict and reopen the Strait of Hormuz. However, Trump rejected the plan on Saturday, stating that he expected US negotiators to engage in more talks this week.
According to Sugandha Sachdeva, the founder of SS WealthStreet, 'The rejection has reduced hopes of an immediate breakthrough, although diplomatic efforts have not ended.'
In related news, Yemen's Saudi-led coalition said it had intercepted two ballistic missiles and two drones launched by the Iran-backed Houthis towards the kingdom.