Oil prices climb 1% as Trump rejects Iran's Hormuz proposal

Oil prices rose over 1% on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, intensifying concerns about prolonged disruptions to global energy supplies. Brent crude for December climbed 1.23% to $98.64 a barrel, while US WTI for November gained 1.06% to $93.39. Iran's proposal included reopening the strait and restarting negotiations within seven days, conditional on lifting the US naval blockade, easing oil sale restrictions, and a regional ceasefire. Trump rejected the terms on Saturday, calling them unacceptable, but told Axios on Sunday he expected talks to resume this week. The Strait of Hormuz is a critical route for global oil exports, and shipping disruptions there can restrict supplies and raise prices. A prolonged disruption could keep energy costs elevated, adding economic pressure on oil-importing nations like India.