Oil Jumps 4% After Trump Rejects Iran’s Response to U.S. Peace Proposal

Oil prices surged on Monday after U.S. President Donald Trump described Iran’s response to a U.S. proposal as “unacceptable,” raising concerns over global supply as the Strait of Hormuz remains almost completely closed, keeping supplies tight in the international market.اضافة اعلان

Brent crude futures rose by $4.16, or 4.11%, to reach $105.45 per barrel by 03:40 GMT. U.S. West Texas Intermediate crude climbed to $99.80 per barrel, up $4.38, or 4.59%.

Last week, both benchmark contracts posted weekly losses of 6% amid hopes that the conflict, now in its 10th week, would end soon, allowing oil shipments to resume through the Strait of Hormuz.

Reuters