Oil rises over 3% after Trump declines Iran’s offer
Oil prices rose by more than 3% after Trump's rejection of Iran's proposal to open the Strait of Hormuz, leading to ongoing tensions in the Middle East and impacting energy markets. Brent crude futures increased to $107.75 per barrel, while West Texas Intermediate (WTI) rose to $94.55, amid concerns over decreased production and the potential halt of diplomatic talks between the U.S. and Iran. Additionally, Middle Eastern oil exports reached their highest level since the start of the war, with shipments through the Strait of Hormuz recovering, following Iran's proposal to de-escalate tensions during United Nations meetings. However, Trump's rejection of the proposal has heightened expectations of continued unrest and its effects on the oil market.
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