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Oil prices rise after Trump rejects an Iranian truce
Brent prices rose by more than 3% on Monday in Asian markets, reaching 7.51 per barrel. This increase is due to US President Donald Trump's decision to reject an Iranian proposal for a temporary ceasefire.
By NAGO News
1 min read
The West Texas Intermediate (WTI) also saw an increase, gaining 2.1% to .32 per barrel. The Iranian offer aimed to end hostilities and included the reopening of the Strait of Hormuz, a strategic maritime route for Gulf oil transportation.
Trump explained his refusal by saying: "They want to reach an agreement, but it's not the agreement I wish to reach." Oil prices had fallen after the Iranian proposal before rebounding following Washington's rejection.
Reporting by Vant Bèf Info
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