Oil prices rise after Trump rejects Iran's Hormuz plan

Oil prices rose over one percent on Monday after US President Donald Trump rejected an Iranian peace plan to reopen the Strait of Hormuz, with Brent up 1.3 percent to $105.64 and WTI up 0.8 percent to $93.11 per barrel. Iran had proposed the plan last week via Qatari mediators, but Trump dismissed it over the weekend while signaling possible further talks this week. Geopolitical risks remain high due to ongoing Houthi rocket and drone attacks on Saudi Arabia. Middle East crude exports recovered slightly in September to 12.8 million barrels per day, the highest since the war began in February, though still about six million barrels below pre-war levels. The strait previously handled roughly 20 percent of global oil and gas supplies.