SAEDNEWS: Oil markets opened higher in Asia, with prices rebounding after Trump rejected a peace proposal from Iran.
According to Saednews, Oil markets opened in Asia with prices rebounding after Trump rejected an Iranian proposal to end the war and reopen the Strait of Hormuz.
Brent crude futures rose more than 1 percent to $105.64 a barrel by 00:36 GMT, Reuters reported. Meanwhile, US West Texas Intermediate (WTI) crude gained more than half a percent, reaching $93.11 a barrel.
The rise in oil prices came after Trump rejected Iran’s proposal, adding to uncertainty over the conflict and the future of shipping through the Strait of Hormuz.