pakistan
Oil rises $4 after Trump rejects Iran’s response to US peace proposal
Key takeaways
- Add ARY News on Google AAResize Oil prices rallied on Monday, a day after President Donald Trump said Iran’s response to a U.S.
- Brent crude futures climbed $4.16 or 4.11% to $105.45 a barrel at 0340 GMT.
- Last week, both contracts recorded 6% weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil transit through the Strait of Hormuz.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices rallied on Monday, a day after President Donald Trump said Iran’s response to a U.S. proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight.
Brent crude futures climbed $4.16 or 4.11% to $105.45 a barrel at 0340 GMT. U.S. West Texas Intermediate was at $99.80 a barrel, up $4.38, or 4.59%.
Last week, both contracts recorded 6% weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil transit through the Strait of Hormuz.
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