Trump Rejects Iranian Peace Proposal, Oil Prices Spike 3% on Global Energy Markets

Oil prices surged about 3% on Monday after President Donald Trump rejected an Iranian proposal aimed at ending the conflict and reopening the Strait of Hormuz.

The rejection renewed concerns about potential disruptions to Middle East oil supplies, causing Brent crude to climb 3%. The price increase came as a result of Trump's decision to reject the proposal, which was reportedly aimed at easing tensions in the region.

Brent crude rose to its highest level since September 2025, indicating growing uncertainty and risk in global energy markets. The rejection of the Iranian proposal may have contributed to this increase, highlighting ongoing tensions between Iran and other world powers.