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Oil rises over 3% after Trump's Iran stance
Oil prices rose significantly after U.S. President Donald Trump rejected Iran's peace proposal aimed at ending tensions and reopening the Strait of Hormuz, leading to a continued increase in Middle East tensions. Brent crude increased by 3.29% to reach $107.75 per barrel, while U.S. West Texas Intermediate rose by 2.32% to $94.55. Expectations of further U.S.-Iran talks are anticipated during the week. Additionally, Middle Eastern oil exports have reached their highest level since the start of the war in February, amid improved shipments through the strait following attacks on pipeline infrastructure.
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