Trump Rejects Iran's Peace Proposal, Oil Prices Surge Over 3%

New Delhi-based research firm SS WealthStreet's founder Sugandha Sachdeva said that despite US President Donald Trump rejecting Iran's peace proposal, diplomatic efforts have not ended. This has reduced hopes of an immediate breakthrough.

Brent crude oil futures rose $3.43 or 3.29 percent to $107.75 a barrel at 08:40 a.m. Saudi time on Monday after Trump rejected the Iranian plan. US West Texas Intermediate crude was at $94.55 a barrel, up $2.14 or 2.32 percent.

Iran announced its peace proposal last week at the UN General Assembly in New York, saying it had been transmitted to the Americans via Qatari mediators. Trump told Axios in a phone interview on Sunday that he expected US negotiators to engage in more talks this week.