Oil Prices Surge as Trump Rejects Iranian Truce Proposal

Brent crude climbed above $106 a barrel after US President Donald Trump rejected Tehran's offer to reopen the Strait of Hormuz.

Global oil prices surged by about 3% this morning following US President Donald Trump's rejection of Iran's ceasefire proposal. According to reports by ynet and Channels TV, Brent crude traded above $106 a barrel, while crude traded around $94.

The Iranian proposal, presented at the United Nations General Assembly, outlined a seven-day truce and the reopening of the Strait of Hormuz to ease a global supply crisis. According to The Hindu Business Line and ynet, Trump's decision to dismiss the initiative spurred market volatility, alongside a strengthening of the US dollar against the Israeli shekel.