Trump Rejects Iran Proposal, Oil Prices Spike Above $93
Crude oil prices rose above $93 per barrel on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz. The rejection has raised concerns that oil flows through the critical waterway could face further delays.
Tehran had offered a seven-day plan to restore oil exports, but Trump said they had 'overplayed their hand' and expects negotiations to resume this week. Iran responded by saying it will not ease its conditions after Trump rejected the latest proposal.
Meanwhile, tensions in the Middle East remain high as Saudi Arabia intercepted Houthi drones heading towards Riyadh, along with a missile targeting Khamis Mushait in the south. Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.