Trump rejects Iran peace proposal as oil prices surge

Oil prices climbed above $105 a barrel on Monday after US President Donald Trump rejected Iran’s latest proposal to end the war, raising fears of renewed military escalation across the Middle East. Brent crude rose more than 4% in Asian trading after Trump described Tehran’s response as “totally unacceptable” in a post on social media. The Strait of Hormuz, which carries around one fifth of global oil and gas shipments, remains effectively closed after Iran threatened attacks on vessels crossing the waterway following illegal US and Israeli strikes in February.

Go to News Site