Oil prices climb over 1% as US rejects Iran peace proposal

Oil prices rose by more than one percent on Monday after US President Donald Trump rejected a peace proposal from Iran aimed at resolving their dispute and reopening the Strait of Hormuz, keeping tensions high in the Middle East.

As of 00:36 GMT, Brent crude futures were up $1.32, or 1.27 percent, at $105.64 per barrel, while US West Texas Intermediate crude gained 70 cents, or 0.76 percent, to $93.11 per barrel.

Iran announced its peace proposal last week at the United Nations General Assembly in New York, saying it had been conveyed to the Americans through Qatari mediators. Trump said on Saturday that he had rejected the plan, but told Axios in a phone interview on Sunday that he expects US negotiators to hold further talks this week.