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Commodities

Trump Rejects Iranian Peace Deal, Oil Prices Surge

Guavy AI Editorial Team
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Oil
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Oil prices rebounded on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated.

The rejection led to a surge in oil futures, with Brent crude rising $1.32 to $105.64 a barrel and US West Texas Intermediate crude increasing 70 cents to $93.11 a barrel.

The Strait of Hormuz is a critical waterway for global oil shipments, and its closure has significant implications for the global economy.

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