Trump Rejects Iran Proposal, Oil Prices Soar Amid Strait of Hormuz Uncertainty
Oil prices rose on Monday after US President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, sparking concerns over tensions in the Middle East.
The rejection dampened hopes for a near-term ceasefire and kept uncertainty over oil flows through the Strait of Hormuz in focus. Brent crude rose 2.8% to $107.26 per barrel, while US West Texas Intermediate (WTI) gained 1.8% to $94.07 per barrel.
Trump said he anticipates his envoys will take part in negotiations with Iran in the coming days, but added that Tehran has yet to offer acceptable terms to resolve the ongoing conflict. He stated that more than 20 million barrels of crude transited through the Strait of Hormuz over the weekend, marking a record volume since hostilities began.
The OPEC+ meeting scheduled for October 4 will also be closely watched as countries consider their production targets. Trump's rejection of Iran's proposal has kept markets on edge, fueling supply concerns and uncertainty over oil flows through the Strait of Hormuz.