Trump Rejects Iran's Conditions, Oil Prices Soar Past $100

Oil prices surged on Monday as US President Donald Trump rejected Iran's conditions to reopen the Strait of Hormuz, leading Brent crude to surpass $100 per barrel.

Brent crude climbed 3.13% to reach $100.49 per barrel at 7:55 a.m. ET, while West Texas Intermediate (WTI) gained 3.58% and stood at $95.72 at the same time.

In an interview with Axios, Trump stated that he expects US negotiators to engage with Iranian counterparts this week despite rejecting their conditions, saying 'They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand.'

Tehran wants to focus talks on the waterway, but Washington insists on nuclear concessions.