Oil climbs 1% after Trump rejects Iran

Oil prices rose by more than 1% after U.S. President Donald Trump rejected an Iranian plan to reopen the Strait of Hormuz and resolve the dispute between the two countries. Brent crude oil prices increased to $106.14 per barrel, and West Texas Intermediate to $93.55, offsetting some of Friday's losses due to heightened risks of disruptions in global energy supplies. Iranian Foreign Minister Abbas Araqchi proposed reopening the strait within seven days and resuming negotiations on the condition that American hostilities end and sanctions are lifted, but Trump rejected the proposal. There are expectations of resuming military strikes on Iran after the U.S. elections.

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