Trump Rejects Iran Truce Offer, Oil Prices Surge

Oil prices surged more than 3% in early Monday trading as international benchmark Brent traded above $107 per barrel.

The increase reflects renewed concerns about a supply crisis that has pushed up costs worldwide, following US President Donald Trump's rejection of an Iranian offer for a seven-day truce.

Tehran proposed a halt in hostilities at last week’s UN General Assembly, which would see the Strait of Hormuz reopened and ease a supply crisis. However, Iran maintained its conditions for reopening the strait, including the release of frozen assets, the lifting of sanctions on its oil, and an end to the US naval blockade.

Trump rejected the proposal, stating 'I reject their proposal...They want to make a deal, but it is not the deal that I want to make.' He added that indirect talks between Washington and Tehran could take place as early as Monday.