Oil Prices Surge After Trump Rejects Iran's Strait of Hormuz Proposal

Oil prices rose on Monday after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz and resume peace talks. Brent crude climbed over 1 percent, with futures trading near $98.64 a barrel. The rejection raises concerns over prolonged disruptions to global energy supplies, though Trump said he expects negotiations to resume this week.