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

Oil prices rebounded on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, a key waterway for international oil shipments. Brent crude rose 2.8% to $107.26 per barrel, while US West Texas Intermediate gained 1.8% to $94.07 per barrel.

The Iranian plan, put forward at the UN General Assembly last week, called for a halt in hostilities and the reopening of the strategic waterway. However, Trump told reporters that he rejected the proposal, citing conditions for its implementation, including the release of frozen Iranian assets and an end to the US naval blockade.

The rejection has intensified market concerns over the regional situation, with oil prices reversing part of Friday's decline. Stephen Innes of Quintex Intel noted that Middle East tensions have flared again, pushing oil higher and affecting Asian equities and global fixed income markets.