US-Iran Tensions Send Oil Prices Soaring Amid Fading Ceasefire Hopes
Oil prices rose on Monday as hopes for a near-term US-Iran ceasefire began to fade. The price increase was driven by concerns over oil supply, particularly through the Strait of Hormuz.
The international benchmark Brent crude futures for December delivery traded at $98.54 a barrel, up 1.1% from the previous close of $97.44. Meanwhile, US benchmark West Texas Intermediate (WTI) crude futures for November delivery rose 1.4% to $93.71 a barrel.
US President Donald Trump's rejection of Iran's peace proposal on Saturday has weakened ceasefire hopes and kept oil supply concerns in focus. Trump said he expects his envoys will take part in negotiations with Iran in the coming days, but expressed disappointment that Tehran had yet to offer acceptable terms.