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Trump Rejects Iran's Hormuz Proposal, Crude Prices Surge

Guavy AI Editorial Team
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Oil
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Crude oil prices rose more than 1% on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume peace talks. The move heightened concerns over prolonged disruptions to global energy supplies and increased uncertainty around the prospects for US-Iran negotiations.

The Brent crude futures for December delivery rose 1.23% to $98.64 a barrel, while US West Texas Intermediate (WTI) crude futures for November delivery gained 1.06% to $93.39 a barrel, according to market data cited in the source report.

Tehran's proposal aimed at resolving the conflict and restoring normal shipping through the strategic waterway included conditions such as lifting the US naval blockade on Iranian ports, easing restrictions on Iranian oil sales, and establishing a regional ceasefire.

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