Oil prices climbed more than 1% in early Asia trading Monday after U.S. President Donald Trump rejected an Iranian peace proposal aimed at reopening the Strait of Hormuz, according to U.S. officials cited by the Wall Street Journal. U.S. crude futures for November delivery rose 1.3% to $93.62 a barrel, while international benchmark Brent gained 1.8% to $106.31 a barrel. Iran had offered to reopen the Strait of Hormuz within seven days and restart nuclear negotiations with Washington, conditional on the U.S. lifting its naval blockade, ending economic sanctions and releasing Iranian assets. Trump confirmed to reporters that he rejected the proposal and expects U.S. strikes on Iran to resume after November’s midterm elections.
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