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Trump Rejects Iranian Proposal, Sends Oil Prices Soaring Amid Strait of Hormuz Tensions

Guavy AI Editorial Team
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Oil
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Oil prices rose by over 1% on Monday due to renewed tensions in the Middle East after US President Donald Trump rejected an Iranian proposal to end the conflict and reopen the Strait of Hormuz.

The proposal, made during the UN General Assembly meetings in New York last week, was informed to Washington through Qatari mediators. However, Trump stated on Saturday that he rejected the proposal but indicated new negotiations between the two sides might be held this week.

Analysts at ANZ Bank believe geopolitical risks remain high due to continued attacks by the Houthis and Iran against Saudi Arabia, threatening oil supply flows in the region.

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