Oil gains over 1% after Trump declines Iran plan
Oil prices rose by more than 1% at the start of Monday trading, after U.S. President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, leading to a further escalation of tensions between the two countries. Brent crude surged by 1.74% to reach $106.14 per barrel, while West Texas Intermediate increased by 1.23% to $93.55. This came after Iran, through Qatari mediators, submitted an offer to reopen the strait within 7 days and resume negotiations, provided that Washington ends its aggressive actions, lifts the blockade, and releases Iranian assets. There are concerns about an extended disruption to global energy supplies.
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