Brent crude tops $107 as Trump rejects Iranian proposal to reopen Hormuz Strait
Iran offered to reopen the key shipping route and restart negotiations with the U.S. within seven days, if the Trump administration agreed to Tehran's conditions.
TL;DR
- Oil prices rose in Asia trading after U.S. President Trump rejected an Iranian peace proposal.
- The proposal aimed to end the Middle East conflict and reopen the Strait of Hormuz.
- Trump turned down Iran's conditional offer, which included restarting nuclear negotiations.
- Iran's conditions for reopening the Strait of Hormuz included an end to U.S. "acts of aggression" and the lifting of a naval blockade.
- Trump expects U.S. strikes on Iran to resume after the November midterm elections.