Trump Rejects Iran Truce Offer, Oil Prices Surge
Oil prices surged on Monday after US President Donald Trump rejected an Iranian proposal for a seven-day truce, sparking concerns about inflation and supply disruptions.
Tehran had offered to halt hostilities in exchange for the release of frozen assets, the lifting of sanctions on its oil, and an end to the US naval blockade in the Strait of Hormuz.
Trump told reporters that he rejects the proposal, saying 'they overplayed their hand' and that indirect talks could resume. He added that Iran wants to make a deal but it's not the one he's willing to accept.
Oil prices had fallen last Friday on news of the truce offer, but bounced back on Monday with Brent crude rising above $106 per barrel. The surge in oil prices stoked inflation concerns and weighed on stock markets.