Trump Rejects Iran Truce Offer, Oil Prices Soar

Oil prices surged on Monday after US President Donald Trump rejected an Iranian offer of a seven-day truce, stoking inflation concerns. The proposal, made last week at the UN General Assembly, included a halt in hostilities and the reopening of the Strait of Hormuz, which is critical to global energy supplies.

The Strait has been at the center of tensions between the US and Iran, particularly after Houthis seized Yemen's entire Red Sea coast, including the Bab al-Mandab Strait. Trump told reporters outside the White House that he rejects the Iranian proposal, saying 'They want to make a deal, but it is not the deal that I want to make.'

Oil prices had fallen more than two percent on Friday after news of the offer, but rebounded at the start of the new week, with Brent crude back above $106 a barrel. The rise in prices has raised inflation concerns and weighed on stock markets.