WTI, Brent, Trump, Iran
Oil prices rose significantly after President Trump rejected an Iranian peace proposal to reopen the Strait of Hormuz. Market participants are concerned about the potential for renewed U.S.-Iran hostilities following the upcoming midterm elections.
Why it matters
Global energy markets are highly sensitive to geopolitical tensions in the Middle East, particularly regarding critical shipping routes like the Strait of Hormuz.
Oil prices jumped on Monday after U.S. President Donald Trump rejected an Iranian peace proposal aimed at ending the Middle East conflict and reopening the strategically vital Strait of Hormuz.
International benchmark Brent crude futures with November expiry traded 4% higher at $108.48 per barrel at 11:35 a.m. London time (6:35 a.m. ET), notching its highest level since Sept. 15, while U.S. West Texas Intermediate futures with November expiry rose 4% to $96.16.
It comes shortly after Trump turned down Iran's conditional offer to reopen the Strait of Hormuz and told aides he expects U.S. strikes on the country to resume after November's midterm elections, The Wall Street Journal reported Saturday, citing unnamed U.S. officials.
Trump later confirmed to reporters that he had rejected Tehran's latest proposal: "They made a proposal but I rejected it."
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