Oil Prices Rise After Trump Rejects Iran Deal

Oil prices have risen more than 1% after US President Donald Trump rejected an Iranian peace proposal to end the conflict and reopen the Strait of Hormuz.

Brent crude futures rose $1.82, or 1.74%, to $106.14 a barrel by 2202 GMT on Monday. US West Texas Intermediate (WTI) crude also gained $1.14, or 1.23%, to $93.55 a barrel.

The price increase followed Trump’s rejection of an Iranian proposal to resolve the conflict and reopen the Strait of Hormuz.

Read More : Amni, TotalEnergies Approve $800M Offshore Gas Deal

The Strait is a major global oil shipping route, and any prolonged disruption could affect crude supplies and push prices higher.

Oil Prices Rise After Trump Rejects Iran Deal (NewsCentral TV) — Strait of Hormuz. Credit: Reuters.

Oil markets have remained sensitive to developments surrounding the conflict because of the strait’s importance to global energy trade.

Trump’s decision to reject the proposal has therefore raised new concerns about continued tensions and the security of oil shipments.

The latest rise comes after oil prices faced pressure from uncertainty over the possibility of a diplomatic solution.

Investors are now watching developments closely for signs of further disruption to crude supplies through the Strait of Hormuz.

Author

Deborah Akwa

Deborah Akwa is a content writer with over four years of experience creating brand stories, editorial content, and audience-focused articles on topics like health, lifestyle, and entertainment.

When she isn't writing, she is behind the scenes managing editorial operations and helping the content team work better.

She loves using words to connect brands with their audiences. Outside of work, she enjoys watching movies and engaging in thought-provoking conversations.