Brent crude rises above $106 as Trump rejects Iran’s proposal
At 10.03 am Monday, Brent crude was $106.96 up 2.64%, and WTI November futures were $94.01 up 1.73%
Brent crude futures rose above $106 a barrel on Monday morning after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz.
At 9.35 am on Monday, November Brent oil futures were at $106.59, up by 2.18 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $94.14, up by 1.87 per cent. October crude oil futures were trading at ₹9042 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹8848, up by 2.19 per cent, and November futures were trading at ₹8699 against the previous close of ₹8530, up by 1.98 per cent.
Iran had put forward a peace proposal last week. This proposal included reopening of the Strait of Hormuz by Iran, and lifting of economic blockade on Iran by the US. Trump said on Saturday that he rejected Iran’s plan.
However, Trump told Axios on Sunday that he expects US negotiators to engage in more talks with Iran this week.
Quoting Trump, Axios report said: “I expect more talks with Iran [this week]. They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand.”
To a query on resuming strikes against Iran, he said: “I am always thinking about it.”
Trump also said that the US military is facilitating a lot of oil out of the Strait of Hormuz.