Oil rises to $106 as Trump rejects Iran deal; analysts split on next move
Oil prices rose over 1% on Monday, with Brent crude reaching $106 a barrel, after US President Donald Trump rejected an Iranian peace proposal, keeping Middle East tensions elevated. Brent futures gained $1.65 to $106, while US West Texas Intermediate rose 99 cents to $93.40. Iran's proposal, delivered via Qatari mediators, was rejected by Trump, though he expects further talks this week. Attacks on Saudi Arabia continue, and US diesel export restrictions are being considered. Middle East crude exports recovered to 12.8 million barrels per day in September, the highest since the war began. JPMorgan says it has lost visibility on the market, while Goldman Sachs sees potential for oil to reach $120 if shipping attacks intensify.