Oil rises as Trump rejects Iranian Hormuz Strait proposal

Oil prices rose over 1% on Monday after U.S. President Donald Trump rejected an Iranian peace proposal to end the Middle East conflict and reopen the Strait of Hormuz. U.S. crude futures climbed 1.3% to $93.62 a barrel, while Brent gained 1.8% to $106.31. Trump confirmed rejecting Tehran's offer, which Iranian Foreign Minister Abbas Araghchi made Friday, proposing to reopen the key shipping route and restart nuclear talks within seven days if conditions were met. These conditions included ending U.S. "acts of aggression," lifting the naval blockade, and releasing Iranian assets. The Wall Street Journal reported Trump expects U.S. strikes on Iran to resume after November's midterm elections, and Yemen's Saudi-led coalition intercepted projectiles from Iran-backed Houthi rebels. The conflict began with U.S. and Israeli airstrikes on Iran on Feb. 28.