Trump Rejects Iran Proposal, Oil Prices Soar on Strait of Hormuz Uncertainty

Oil prices surged on Monday as tensions between the US and Iran escalated, sparking concerns about crude supplies through the Strait of Hormuz.

Brent crude jumped 2.8% to $107.26 a barrel, while US West Texas Intermediate (WTI) rose 1.8% to $94.07 a barrel.

The price hike followed reports that US President Donald Trump had rejected Iran's latest proposal aimed at easing tensions and reopening the strategic waterway.

Market sentiment was further affected by fading expectations of a near-term ceasefire, with traders increasingly focused on the potential impact of prolonged disruptions on global crude supplies.