Oil rises as US-Iran talks stall, keeping Strait of Hormuz at risk
Oil prices rose more than 1% on Monday after US President Donald Trump rejected an Iranian peace deal, keeping Middle East tensions high and leaving the Strait of Hormuz at risk. Brent crude climbed to $105.64 a barrel, while US WTI reached $93.11. Iran proposed the deal last week via Qatari mediators, but Trump dismissed it, though he expects more talks this week. Analysts noted ongoing Houthi and Iranian attacks on Saudi Arabia, which threaten regional supply flows, while US diesel export concerns also pressure markets. Middle East crude exports hit a war-time high of 12.8 million barrels per day in September, as Saudi Arabia and the UAE boosted shipments through the Strait of Hormuz, which recovered to about 7.4 million barrels daily.