Oil prices continued to rise on Monday after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns over tensions in the Middle East….
Oil prices continued to rise on Monday after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, renewing concerns over tensions in the Middle East.
Brent crude rose 2.8% to $107.26 a barrel as of 07:15 GMT, while US West Texas Intermediate (WTI) gained 1.8% to $94.07 a barrel.
Stephen Innes of Quintex Intel said the rejection had reignited tensions in the region, with investors reassessing the outlook for energy supplies and global markets.
“Middle East tensions have flared again after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz,” Innes said.
He added that oil prices had moved higher while Asian equities weakened, suggesting that the brief improvement in global financial markets seen on Friday could prove temporary.
“The market is still pricing some probability that everyone eventually finds their way back to the table,” Innes said, noting that the parties could continue negotiations despite the latest escalation.
The Strait of Hormuz is a critical route for global oil shipments, meaning prolonged disruption could place further upward pressure on crude prices.
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