Trump Rejects Iranian Peace Deal, Boosting Oil Prices Amid Ongoing Mideast Tensions

Oil prices surged on Monday as US President Donald Trump rejected an Iranian peace proposal aimed at easing tensions in the Middle East. The proposal, transmitted to Washington via Qatari mediators at the UN General Assembly, was met with a rejection from Trump, who noted that US negotiators plan to engage in further talks this week.

The rejection of the peace deal sent oil prices rebounding over 1% on Monday, with Brent crude futures jumping $1.32 (1.27%) to $105.64 per barrel and US West Texas Intermediate rising 70 cents (0.76%) to $93.11.

Geopolitical risks remain high in the region following fresh attacks on Saudi Arabia over the weekend. The Saudi-led coalition intercepted two ballistic missiles and two drones launched by Iran-backed Houthi forces, keeping regional supply flows vulnerable.