Trump's Rejection of Iran Proposal Deepens Tensions

Oil prices saw an uptick on Monday after US President Donald Trump rejected an Iranian peace proposal intended to resolve their ongoing dispute and reopen the Strait of Hormuz, leading to sustained tensions in the Middle East. By 00:36 GMT, Brent crude futures advanced $1.32, or 1.27 percent, to $105.64 per barrel. Similarly, US West Texas Intermediate (WTI) crude gained 70 cents, or 0.76 percent, reaching $93.11 per barrel. Iran had unveiled its peace initiative last week at the United Nations General Assembly in New York, stating it was conveyed to the Americans via Qatari mediators. Trump confirmed his rejection of the plan on Saturday, yet he told Axios in a Sunday phone interview that American negotiators expect more talks this week.