Commodities
Trump Rejects Iran's Proposal, Oil Prices Surge to $105.70
Global oil prices surged after US President Donald Trump rejected Iran's proposal to restore operations in the Strait of Hormuz. The rejection led to a 1.3% increase in Brent crude, which rose to approximately $105.70 per barrel.
The proposed terms by Tehran included restoring full operations on one of the world's most important oil routes within 7 days. However, Trump expressed his expectations for negotiations to resume as early as this week.
The rise in oil prices has heightened concerns about inflation, causing a yield increase of 4 basis points to 5.20% in 10-year U.S. Treasury bonds. Meanwhile, S&P 500 futures fell by 0.2%, and gold prices dropped by 0.7% to approximately $4,255 per ounce.