Singapore (HRNW)-\u00a0Global crude oil prices rebounded on Monday after US President Donald Trump rejected an Iranian proposal aimed at ending the conflict and reopening the Strait of Hormuz, keeping concerns over disruptions to Middle Eastern energy supplies elevated. Reuters reported that Brent crude futures rose more than 1 percent in early trading.<\/p>\n
Brent crude futures rose $1.32, or 1.27 percent, to $105.64 per barrel by 0036 GMT, while US West Texas Intermediate (WTI) increased by 70 cents, or 0.76 percent, to $93.11 per barrel. Later trading data showed Brent above $106 a barrel as markets continued to assess the latest developments between Washington and Tehran.<\/p>\n
Iran had presented a proposal at the United Nations General Assembly calling for steps that could lead to the reopening of the Strait of Hormuz within a week. The proposal was conveyed to the United States through Qatari mediators, according to Reuters.<\/p>\n
Trump said on Saturday that he had rejected the Iranian plan, although he later indicated that US representatives expected to engage in further discussions with Tehran during the week. Regional mediators, including Qatar, have continued efforts to facilitate communication between the two sides.<\/p>\n
The market reaction reflects concerns that failure to reach a diplomatic agreement could prolong disruptions affecting oil and other energy shipments through the Strait of Hormuz. The waterway remains one of the world\u2019s most important energy transit routes, making developments around it a major factor in global crude prices.<\/p>\n
Iran has said it is prepared to reopen the Strait of Hormuz as part of a broader agreement to end hostilities, provided Washington eases military and economic pressure. The Iranian proposal has therefore remained closely linked to negotiations over sanctions, the blockade, and the wider conflict.<\/p>\n
The latest rise in crude prices also adds to concerns over inflation, as higher energy costs can feed into transportation, electricity, manufacturing, and the prices of other goods and services.<\/p>\n
Despite the rejection of the current proposal, diplomatic channels remain open, with Washington and Tehran continuing to exchange messages through intermediaries.<\/p>\n