Oil Surges as Trump Rejects Iran's Offer

Oil prices surged on Monday after US President Donald Trump rejected Iran's latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.

Crude oil futures jumped sharply as the diplomatic impasse signaled continued disruption to tanker traffic through the Strait of Hormuz, a chokepoint for about 20% of global oil supply. The rejection effectively removes any near-term expectation of a reopening, keeping supply risks elevated. Traders can track the move on NowPrice's live fuel dashboard.

The market will now focus on any further diplomatic moves or potential military escalation. Key levels to watch include the recent highs and whether OPEC+ can adjust output to compensate for the lost barrels. Any signs of a breakthrough could trigger a sharp reversal, but for now, the risk premium remains firmly in place.