Oil rebounds as Trump rejects Iran peace deal
Oil prices rose more than 1% on Monday after US President Donald Trump rejected a peace deal from Iran aimed at resolving their conflict and reopening the Strait of Hormuz. Brent crude futures climbed $1.82 to $106.14 a barrel, while US West Texas Intermediate crude gained $1.14 to $93.55. The rejection of the proposed deal removed expectations of a quick resolution to tensions in the region, supporting crude prices. The Strait of Hormuz is a critical shipping lane for global oil supplies, and its closure threat has been a key factor driving market volatility. The price rebound follows recent fluctuations driven by geopolitical developments between the two nations. Market participants continue to monitor the situation closely for further supply disruptions or diplomatic progress.