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Commodities

Trump Rejects Iranian Peace Proposal, Oil Prices Soar

Guavy AI Editorial Team
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Oil
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Oil prices surged over 3% on Monday after US President Donald Trump rejected an Iranian peace proposal, sparking concerns about renewed conflict in the Middle East.

The price of West Texas Intermediate (WTI) crude oil rose to $95.93 per barrel, while Brent crude jumped to $108.30 per barrel, both significantly higher than their Friday settlements.

The rejection of the Iranian proposal has led traders to rebuild a geopolitical premium into oil prices, which was partially removed on Friday when hopes for a rapid US-Iran settlement faded.

However, the physical supply picture is improving, with Middle Eastern crude exports rebounding to 12.8 million barrels per day in September, and shipments through the Strait of Hormuz recovering toward 7.4 million bpd.

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