Oil Prices Rise After Trump Rejects Iran Peace Proposal

Oil prices rose more than 1% on Monday after US President Donald Trump rejected an Iranian proposal aimed at ending the war between the two countries.

The proposal sought to resolve the conflict and reopen the Strait of Hormuz, linking an end to the fighting with restoring access to the waterway.

Trump’s rejection left the proposed route to a settlement without US backing. The supplied details did not explain his reasons for turning down the plan.

The rise in oil prices came amid continued uncertainty over the conflict and the reopening of the strait. No further details were provided on the proposal’s terms or the next steps in diplomatic efforts.