Oil prices spike after Trump rejects Iran proposal

Oil prices spiked on Monday after US President Donald Trump rejected an Iranian proposal for a seven-day truce. According to Middle East Eye and Euronews, Brent crude rose above $106 and $107 a barrel respectively. The proposal, made at the UN General Assembly, aimed to reopen the Strait of Hormuz, a crucial waterway for global energy supplies.

Iran's proposal included conditions such as the release of frozen assets, the lifting of sanctions on its oil, and an end to the US naval blockade, as reported by Euronews and Free Press Journal. Trump rejected the proposal, saying Iran had "overplayed their hand", but told Axios that negotiations could resume, and that he expected them to.

The rejection of the proposal and concerns about a supply crisis pushed up oil prices, with Brent crude rising more than 2.5% to over $107 a barrel, according to Free Press Journal and Malay Mail. Trump also mentioned that Iran wants to make a deal, but it's not the deal he wants to make, and that it is what they would have maybe agreed to a year ago.

Brief written by urgent.news from Middle East Eye, Euronews, Ajel English, Free Press Journal, Malay Mail — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.