President Trump’s quick rejection of Iran’s response to a U.S. peace proposal drove oil prices higher on Monday.
Iran’s agreement aimed to cease hostilities across all areas, notably in Lebanon.
Tehran also requested compensation for war damages, reaffirmed its sovereignty over the Strait of Hormuz, and urged the United States to end its naval blockade, assure no additional attacks, lift sanctions, and remove restrictions on Iranian oil exports.
The President announced on Truth Social: “I have just read the response from Iran’s so-called “Representatives.” I don’t like it — TOTALLY UNACCEPTABLE! Thank you for your attention to this matter. President DONALD J. TRUMP”
After the announcement, U.S. West Texas Intermediate futures increased over 2% to $97.88 per barrel while Brent crude futures also rose more than 2% to $103.93.
WTI and Brent are both up around 40% since the conflict began.
By CEO NA Editorial Staff
