Oil Prices Surge as Trump Rejects Iran's Peace Proposal

Oil prices climbed over 4% on Monday following President Donald Trump's rejection of Iran's response to a U.S. ceasefire proposal.

Brent crude rose to $105.57 per barrel, while U.S. West Texas Intermediate crude increased to $99.80.

The Strait of Hormuz remains effectively closed, disrupting global energy shipments.

President Trump stated, "I don't like their letter. It's inappropriate. I don't like their response."

Iran's response emphasized ending the war and securing guarantees against its resumption, without committing to nuclear concessions.

Israeli Prime Minister Benjamin Netanyahu asserted that the conflict will not end until Iran's enriched uranium stockpiles are "taken out."

A ceasefire announced in early April has been mostly observed, despite occasional exchanges of fire.

Energy prices have fluctuated since the conflict began, with Brent crude rising above $100 per barrel since the ceasefire took effect on April 8.

Major energy companies have reported increased profits due to soaring oil and gas prices.