Oil prices climb after Trump rejects Iranian peace proposal

Oil prices rose more than 1% on Monday after Donald Trump rejected Iran's proposal to end the war and reopen the Strait of Hormuz.

• Oil futures rose more than 1% on Monday, with Brent and West Texas Intermediate crude both advancing.
• Iranian Foreign Minister Abbas Araghchi said the delegation submitted a proposal to reopen the Strait of Hormuz within seven days of US acceptance.
• President Masoud Pezeshkian said Tehran does not want to continue fighting and that the United States must choose whether to end the war.
• Trump announced his rejection of the proposal but said US negotiators expect more talks this week.
• Trump told Fox News the US will soon achieve victory in its war and has already won militarily, predicting oil prices will fall to pre-war levels.
• The Wall Street Journal reported that mediators are pressing Iran to make concessions on its nuclear program to revive talks with the United States.
• Foreign Minister Abbas Araghchi said Iran is ready for both diplomacy and war, adding that the decision rests with Trump.
• Iranian officials said progress requires reciprocal US steps, including easing sanctions and ending the naval blockade.
• Araghchi extended his stay in New York for indirect diplomatic efforts and is awaiting a formal US response to the seven-day proposal.
• Araghchi called Trump's public rejection merely the first reaction, with Iran awaiting mediator clarification to distinguish media statements from actual negotiation tracks.
• An Iranian source denied that new talks with Washington are planned, contradicting Trump's statement that negotiations would resume next week.
• Oil prices surged more than 3% on Monday, with Brent crude topping $107 a barrel.