Trump Rejects Iran's Plan to Reopen Strait of Hormuz

Oil prices rebounded on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, a key route for international oil shipments.

The Brent crude price rose 2.8 percent to $107.26 a barrel as of 07:15 GMT, while US West Texas Intermediate gained 1.8 percent to $94.07 per barrel.

Tehran had put forward the plan at the UN General Assembly last week, calling for a halt in hostilities and the reopening of the strategic waterway, which would ease pressure on global energy supplies.

However, Trump told reporters outside the White House that he rejected their proposal, saying Iran wanted an agreement but its proposal did not meet his conditions.