Oil prices rose sharply on international markets after U.S. President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and halt hostilities.
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Brent crude futures climbed more than 3%, pushing prices above $107 a barrel. Meanwhile, U.S. crude oil, or WTI, gained around 2%, approaching $94 a barrel.
The market reaction reflects fears of possible disruptions to global energy supplies, as the Strait of Hormuz is a major corridor for shipping oil.
Tehran had offered to reopen the strait and resume nuclear talks with Washington within seven days, but the proposal came with several conditions. Trump said he had rejected it.
The position has added to geopolitical uncertainty in energy markets. Investors are closely watching the situation in the Middle East and the potential effects of new developments on oil transportation and supply.
