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Trump Rejects Iranian Proposal, Oil Prices Surge

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and end the conflict in the region.

The international benchmark Brent crude rose 2.89% to $107.34 a barrel, while US crude futures for November delivery gained 1.87% to $94.14 a barrel.

Tehran's conditional offer included reopening the Strait of Hormuz and restarting nuclear negotiations with Washington within seven days if certain conditions were met, including an end to 'acts of aggression' by the US, lifting the naval blockade, and releasing Iranian assets.

Trump confirmed he had rejected the proposal, stating 'They made a proposal but I rejected it.'

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