Trump Rejects Iranian Proposal to Reopen Strait of Hormuz
Oil prices rose over 1% in early Asia trading on Monday after US President Donald Trump rejected an Iranian peace proposal aimed at ending the Middle East conflict and reopening the Strait of Hormuz.
The proposal, made by Iranian Foreign Minister Abbas Araghchi, included conditions such as an end to what Tehran describes as 'US acts of aggression', the lifting of the naval blockade, economic warfare, and the release of Iranian assets. If these conditions are met, Iran would reopen the Strait of Hormuz within seven days and restart nuclear negotiations with Washington.
Trump confirmed that he had rejected the proposal, stating 'They made a proposal but I rejected it.' US crude futures for November delivery rose 1.3% to $93.62 a barrel, while international benchmark Brent gained 1.8% to $106.31 a barrel.