Oil Prices Jump After Trump Rejects Iran Ceasefire Proposal

borsen.dagbladet.no (Swedish) —

Oil prices rose over three percent Monday after Donald Trump rejected Iran's ceasefire proposal and reopening of the Strait of Hormuz. Brent crude traded above $107 per barrel, while WTI exceeded $94. Iran presented a seven-day plan for a ceasefire and reopening the strait, conveyed through Qatari mediators. Trump confirmed Saturday he rejected the proposal, though he expects negotiations to continue this week. The strait carries about one-fifth of global oil consumption, and the war has sharply reduced shipping traffic. Pipeline alternatives can only partially replace the oil normally transported through the route.


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