Oil prices rebound after Trump rejects Iran peace deal
Oil prices rebounded more than 1% on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the West Asia elevated. Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT while US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%. Iran announced a peace proposal last week at the UN General Assembly, saying it had been transmitted to the Americans via Qatari mediators, but Trump said he rejected the plan while expecting more talks this week. Geopolitical risks remain high as Houthi and Iranian attacks on Saudi Arabia continue, leaving regional supply flows vulnerable. Crude exports from key West Asia producers rebounded in September to 12.8 million barrels per day, the highest since the war started in February, as shipments via the Strait of Hormuz recovered.