Trump Rejects Iran Proposal, Brent Crude Surges Past $106

Brent crude futures surged past $106 per barrel on Monday as US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz.

The price hike came after Trump told Axios that he expects US negotiators to engage in more talks with Iran this week, but emphasized that the current deal on the table is not what he wants.

'I expect more talks with Iran [this week]. They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand,' Trump said.

The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman, has been at the center of tensions between the US and Iran in recent weeks.