Brent crude rises after US president calls overture from Tehran ‘totally unacceptable’
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Oil prices have climbed after Donald Trump condemned Iran’s response to US proposals to end the war as “totally unacceptable”.
The president’s rejection of Tehran’s overture in a post on his Truth Social platform triggered a jump in Brent crude, the international benchmark for oil prices, by as much as 4% on Monday to $105.50 a barrel, before easing back to settle at $103.50.
The US had presented a peace proposal a week ago, said to consist of a 14-point memorandum of understanding that would reopen the strait of Hormuz, while setting a framework for further talks on Iran’s nuclear programme.
