Oil Rises More Than 1% After Trump Rejects Iran's Peace Proposal

Oil prices rose more than 1% on Monday after U.S. President Donald Trump rejected a peace proposal from Iran aimed at resolving the dispute between the two countries and reopening the Strait of Hormuz, keeping tensions in the Middle East high, according to Reuters.

Brent crude futures rose $1.32, or 1.27%, to $105.64 per barrel, while U.S. West Texas Intermediate crude rose 70 cents, or 0.76%, to $93.11 per barrel.

Reuters reported that Iran announced the peace proposal last week during meetings of the United Nations General Assembly in New York, and said it had been transmitted to the U.S. side through Qatari mediators.

Trump said on Saturday that he had rejected the plan, but told Axios in a phone interview on Sunday that he expected U.S. negotiators to hold further talks this week.