Oil Prices Surpass $105 per Barrel
Al-Taj News – Oil prices rose by more than 1% in early trading on Monday after US President Donald Trump rejected an Iranian peace proposal aimed at ending the conflict and reopening the Strait of Hormuz, keeping tensions in the Middle East high.
Brent crude futures rose $1.32, or 1.27%, to $105.64 per barrel by 00:36 GMT, while US West Texas Intermediate crude rose 70 cents, or 0.76%, to $93.11.
Iran had announced a peace proposal last week during meetings of the United Nations General Assembly in New York, saying it had been conveyed to the US side through Qatari mediation.
Trump said Saturday that he had rejected the proposal, but told Axios in a phone interview on Sunday that he expected US negotiators to hold further talks this week.
ANZ analysts said in a note, “Geopolitical risks remain elevated, with the Houthis and Iran continuing their attacks on Saudi Arabia, leaving supply flows in the region vulnerable.”
Brent crude rose 0.4% last week, while West Texas Intermediate crude fell 7.9%, amid concerns that the United States could ban diesel exports in an attempt to contain record prices, which could in turn lead to a reduction in US refinery production.
