Oil rebounds after Trump rejects Iran peace deal

Oil prices rebounded over 1% on Monday. According to the New Straits Times, Brent crude futures rose $1.82, or 1.74%, to $106.14 a barrel, while US West Texas Intermediate crude was at $93.55 a barrel, up $1.14, or 1.23%.

US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz. The Korea Times reported that Iranian officials had proposed a seven-day truce followed by the reopening of the Strait of Hormuz shipping channel, which Trump dismissed.

Despite rejecting the proposal, Trump told Axios that he expects negotiations with Iran to resume. The Korea Times and Asia Times reported that Trump stated he wants a different deal, saying "They overplayed their hand". Iranian Foreign Minister Seyed Abbas Araghchi said there is always hope for diplomacy. Trump also told Fox News that the US will achieve victory over Iran soon.

Brief written by urgent.news from New Straits Times, The Korea Times, Asia Times, Ajel English, FXStreet — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.