Brent crude rose more than 3 percent, breaking the $107‑a‑barrel mark after U.S. President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and end the ongoing conflict.
The price surge was reported by market monitors as the benchmark oil index climbed sharply in response to Washington’s dismissal of Tehran’s offer, which had been presented as a step toward de‑escalation.
U.S. officials said the proposal did not meet Washington’s conditions, leading the administration to label it insufficient and to maintain its current stance on the dispute.
The Strait of Hormuz is a narrow waterway between Oman and Iran through which roughly one‑fifth of the world’s oil shipments pass, making any threat to its openness a significant factor for global energy markets.
Analysts noted that the jump in Brent prices highlights how quickly geopolitical tensions can translate into higher oil costs for consumers and businesses worldwide.
<small>Source: Al Jazeera — read the original story there.</small>
