Trump Rejects Iran Proposal, But May Ease Sanctions

Oil prices rose on Monday after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, but gains were later pared as media reports suggested he was ready to ease sanctions on Iran in exchange for progress on its nuclear program.

The price of Brent crude futures expiring in November rose 1.8% to settle at $106.18 a barrel, while West Texas Intermediate futures expiring in November added 1% to settle at $93.29 a barrel.

Tehran had proposed allowing the Strait of Hormuz to reopen within seven days if Washington lifted its naval blockade and eased military pressure, removed sanctions on Iranian oil sales, and agreed to a ceasefire.