Oil prices surge after Trump rejects Iran's Strait of Hormuz plan

midilibre.fr (French) —

Oil prices surged Monday as diplomatic deadlock persists over the Strait of Hormuz after President Donald Trump rejected an Iranian plan to reopen the waterway, signaling continued pain at the pump for motorists. Brent crude jumped 3% to $107.45 a barrel, while US WTI rose 1.98% to $94.24. Trump announced Saturday he rejected Tehran's proposal to reopen the strait within seven days, dashing hopes for de-escalation. The strait, which normally carries a fifth of global oil, remains largely paralyzed, with Iran claiming control and Washington imposing a blockade on Iranian ports. Analysts warn high crude prices will fuel global inflation risks.


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