Oil Prices Rise After Trump Rejects Iran Ceasefire Proposal

LONDON: Global oil prices rose on Monday after US President Donald Trump rejected an Iranian proposal aimed at ending the conflict and reopening the Strait of Hormuz, raising concerns over continued tensions in the region.

According to international media reports, Brent crude rose by $1.82, or 1.74%, to $106.14 per barrel.

US West Texas Intermediate (WTI) crude increased by $1.14, or 1.23%, to $93.55 per barrel.

Trump Rejects Seven-Day Proposal

The rise in oil prices came after the Wall Street Journal reported that Trump had rejected an Iranian proposal for a seven-day ceasefire and reopening of the Strait of Hormuz.

The newspaper, citing US officials, said Trump had told advisers that bombing Iran could resume after the November midterm elections.

The report also said Trump remained doubtful that Tehran would accept his demands.

Strait of Hormuz Remains Key Concern

The Strait of Hormuz is a major route for global energy shipments, and continued restrictions or military tensions around the waterway have raised concerns over international oil supplies.

Iran has said it is prepared to discuss reopening the strait as part of a broader diplomatic arrangement, while Washington and Tehran remain divided over the conditions for ending the conflict.

The latest movement in oil prices reflects continued market sensitivity to developments surrounding the US-Iran conflict and the future of shipping through the Strait of Hormuz.