Trump Rejects Iran Proposal, Crude Oil Prices Soar
Crude oil prices surged over 2.5% on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and restart diplomatic talks, raising concerns about disruptions to global energy supplies.
Brent crude rose 2.65% to $107 a barrel, while US West Texas Intermediate (WTI) crude gained 1.8% to $94 a barrel.
The increase in prices followed Trump's decision to reject Tehran's proposal, which aimed at resolving the conflict and restoring shipping movement through the strategic waterway.