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Commodities

Trump Rejects Iran's Proposal, Brent Crude Prices Surge

Guavy AI Editorial Team
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Oil
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Brent crude futures rose above $106 per barrel on Monday morning after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz.

The proposal, put forward by Iran last week, included reopening the strait and lifting economic sanctions imposed by the US. However, Trump told Axios that he expects US negotiators to engage in further talks with Iran this week, stating 'I expect more talks with Iran [this week]. They want to make a deal, but it is not the deal that I want to make.'

The rejection of Iran's proposal led to an increase in Brent crude futures by 2.64% to $106.96 per barrel and November WTI (West Texas Intermediate) crude oil futures rose by 1.73% to $94.01.

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