Commodities
US Rejects Iran's Proposal to Reopen Strait of Hormuz
Oil prices surged more than 3% on Monday after the US rejected Iran's proposal to reopen the Strait of Hormuz, reviving concerns about crude supplies from the Middle East.
Brent crude oil, the international benchmark for Nigerian crude oil, rose $3.51, or 3.3%, to $109.68 a barrel by 07:57 a.m., while US West Texas Intermediate crude advanced $3.07, or 3.2%, to $98.75 a barrel.
The rejection of Iran's proposal underscores the ongoing impact of developments surrounding the Strait of Hormuz on the global oil market.