Trump Rejects Iranian Peace Deal, Oil Prices Surge

Oil prices have rebounded more than 1% on Monday after US President Donald Trump rejected an Iranian peace deal to resolve their conflict and reopen the Strait of Hormuz. The move has kept tensions in the Middle East elevated, with geopolitical risks remaining high.

Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 12:36am GMT (8:36am Singapore time), while US West Texas Intermediate (WTI) crude was at $93.11 a barrel, up 70 cents, or 0.76%.

Iran announced its peace proposal last week at the United Nations General Assembly in New York, saying it had been transmitted to the Americans via Qatari mediators. Trump rejected the plan on Saturday but told Axios that he expected US negotiators to engage in more talks this week.