OIL PRICES RISE – Trump rejects Iranian response to US peace proposal
Oil prices jumped $3 a barrel as the United States and Iran failed to agree to a peace proposal drafted by Washington while the Strait of Hormuz remained largely closed, keeping global energy supplies tight.
Brent crude futures climbed 3.14% to $104.47 a barrel extending a 1.23% gain on Friday.
U.S. West Texas Intermediate was up 3.24%, after settling 0.64% higher in the previous session.
Hopes for an imminent end to the 10-week-old U.S.-Iran conflict that would allow oil transit through the Strait of Hormuz were dashed after President Donald Trump on Sunday dismissed the Iranian response to a U.S. proposal for peace talks as “unacceptable”.
