Seven months into Hormuz shutdown: Oil remains elevated as Trump rejects Iran proposal

Oil prices rose on Monday as Middle East tensions kept markets on edge after US President Donald Trump rejected Iran’s proposal to end the conflict and reopen the Strait of Hormuz. With this, oil markets have continued to remain volatile for seven months now, since US and Israel launched joint stirkes on Iran on Febraury 28.Brent crude climbed 1.18% to $105.50 a barrel, while US West Texas Intermediate (WTI) gained 0.77% to $93.12.The latest gains after Iran put forward a peace proposal at the United Nations General Assembly in New York last week. Tehran said the proposal had been conveyed to the US through Qatari mediators.