Oil prices climb after US rejects Iran’s peace proposal, dimming hopes for a swift reopening of the critical shipping route.
West Texas Intermediate crude oil breached $96.00 per barrel Monday, extending a $4 rally from Friday’s close near $91.75 to $95.70. The move follows President Trump’s dismissal of Iran’s latest diplomatic overture, raising concerns over prolonged disruptions in the Strait of Hormuz.
Prior to the weekend, WTI had settled at $91.75, with analysts expecting a muted start to the week. The sudden spike defies consensus forecasts, which had anticipated a gradual easing of tensions after last month’s de-escalation talks.
Markets are pricing in heightened geopolitical risk premiums, though no immediate supply disruptions have been confirmed.