Oil rises as Trump rejects Iran ceasefire; gold hits seven-week low
Oil prices rose sharply Monday after President Donald Trump rejected Iran's ceasefire proposal, while gold fell below $4,200 an ounce to a seven-week low. European stocks edged higher, Asian markets were mixed, and Brent crude traded near $107 per barrel before settling under $100. Iran responded to Trump's rejection by saying it will not soften conditions for reopening the Strait of Hormuz. European markets opened cautiously higher, with Milan up 0.15% and Paris leading gains. Oil companies rallied, while gold dropped 3.7% to $4,150.93 per ounce. The dollar strengthened to nearly 1.14 against the euro. Asian markets closed mixed, with Chinese indices falling sharply on weak industrial profit data and Seoul down 2.7%. US-China reached a tariff agreement on $30 billion of goods and extended their trade truce to January 10.