Trump Rejects Iranian Peace Plan, Oil Prices Surge Amid Renewed Geopolitical Risks

Oil prices surged by about 3% on Monday after US President Donald Trump rejected an Iranian proposal aimed at ending the conflict in the Middle East and reopening the Strait of Hormuz. This move has renewed concerns over supply disruptions, adding to an already volatile oil market.

Brent crude UKOIL rose as high as $108.72 a barrel, its highest level since September 15. US West Texas Intermediate CL1 gained up to 3% to $96.54 before pulling back some of the advance.

The Iranian proposal was presented last week at the UN General Assembly with Qatar acting as an intermediary. Trump rejected the plan on Saturday but stated that he expects US negotiators to hold further discussions with Iran this week.