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Commodities

Trump Rejects Iran's Proposal, Oil Prices Soar

Guavy AI Editorial Team
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Oil
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US stock futures took a hit on Monday after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume nuclear talks.

The proposal, which included lifting US sanctions on Iranian oil sales and observing a ceasefire in Lebanon, was seen as a potential solution to the ongoing tensions between the two countries.

However, Trump dismissed the offer, saying Iran wanted to make a deal because it 'was losing so badly.'

As a result of the rejection, Brent crude oil prices surged 3.6% to $100.98 per barrel for delivery in December, while US benchmark crude jumped 4.2% to $96.26 per barrel.

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