Brent crude rises above $106 as Trump rejects Iran’s proposal

Brent crude futures exceeded $106 a barrel on Monday morning following US President Donald Trump's rejection of Iran's proposal to open the Strait of Hormuz. By 10:03 am on Monday, November Brent oil futures stood at $106.96, up 2.64%, while November crude oil futures on WTI were at $94.01, up 1.73%. October crude oil futures traded at ₹9054 on MCX during Monday's opening, up 2.33% from the previous close of ₹8848, while November futures were at ₹8714, up 2.16% from ₹8530.

Iran had previously presented a peace proposal involving the Strait of Hormuz's reopening and lifting of the US-imposed economic blockade. President Trump dismissed Iran's plan on Saturday but stated on Sunday that he anticipates further talks with Iran this week. Axios reported Trump's remarks, stating, "I expect more talks with Iran [this week].

They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand." When asked about resuming strikes against Iran, Trump said, "I am always thinking about it." The US military is actively facilitating oil movement out of the Strait of Hormuz. October natural gas futures were at ₹300.10 on MCX during Monday's opening, down 3.38% from the previous close of ₹310.60.

On NCDEX, October turmeric contracts traded at ₹21124 in the initial hour, up 1.80% from the previous close of ₹20750, while October guar gum futures were at ₹13002, down 0.99% from the previous close of ₹13132.