Oil prices saw a notable rise on Monday, following U.S. President Donald Trump's rejection of a peace proposal from Iran. This initiative sought to resolve the ongoing dispute between the two countries and reopen the Strait of Hormuz, contributing to
continued tensions in the Middle East. Brent crude futures advanced by $1.32, or 1.27%, to reach $105.64 per barrel. Concurrently, U.S. West Texas Intermediate (WTI) crude increased by 70 cents, a 0.76% rise, settling at $93.11 per barrel in trading by
00:36 GMT. Iran had presented its peace plan last week at the United Nations General Assembly in New York, stating it was delivered to American officials via Qatari intermediaries. On Saturday, Trump affirmed his rejection of the plan. However, in a Sunday
phone interview with Axios, he expressed an expectation that U.S. negotiators would hold further talks this week.
