Oil prices today: Crude jumps after Trump rejects Iran’s latest offer; Strait of Hormuz remains shut
Oil prices surged sharply on Monday after tensions in the Middle East intensified and the strategically crucial Strait of Hormuz continues to stay shut, with disruptions now having crossed 70 days. Meanwhile, the Middle East conflict has continued to intensify as US President Donald Trump rejected Tehran’s response to Washington’s peace proposal and Iran issued fresh threats of violence in the Strait of Hormuz, reigniting fears over global energy supply routes.Brent crude, the international benchmark for oil, climbed 2.69% to $104.01 a barrel for July delivery. US benchmark West Texas Intermediate (WTI) rose 2.54% to $97.84 a barrel.
