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Trump Rejects Iran's Strait of Hormuz Proposal, Oil Prices Climb

Guavy AI Editorial Team
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Oil
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Oil prices rose on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume negotiations. The move kept uncertainty over Middle East energy supplies elevated.

The Brent crude futures price climbed 1.27% to $105.64 a barrel, while US West Texas Intermediate (WTI) crude was up 0.76% at $93.11 a barrel.

Iranian Foreign Minister Abbas Araghchi had outlined the proposal on Friday in New York, stating that if certain conditions were met, the Strait of Hormuz would be open within seven days and talks would restart.

Trump confirmed he had rejected the plan, saying 'They made a proposal but I rejected it.'

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