Trump Rejects Iran Truce Proposal, Oil Prices Surge Above $106

Oil prices rebounded on Monday after US President Donald Trump rejected an Iranian proposal for a seven-day truce. The news marked a reversal of last week's decline, with Brent crude oil price rising above $106 per barrel.

The Iranian offer was made public on Friday, sparking optimism in the market, but Trump's rejection sent shockwaves through the energy sector. In an interview with Axios, Trump stated that he expects negotiations to resume, but believes Tehran 'overplayed their hand.'

Trump's comments suggest a hardline stance on Iran, which could have significant implications for oil prices and global markets. The US President's rejection of the truce proposal may lead to further volatility in the energy sector.