The rise in oil prices is due to Iran's insistence on a seven-day proposal to reopen this key waterway, which was rejected by US President Trump, which may further delay the reopening of the straits. The price of Brent crude oil rose to about 106 US dollars per barrel, and the price of US West Texas Intermediate crude oil was higher than 93 US dollars per barrel. In an interview on Sunday, Trump said that Washington may be able to accept these conditions proposed by Tehran about a year ago; he said Iran has now overestimated its own chips. Axios reports that the US president expects negotiations between the two sides to resume this week. Sufro Sakar, head of energy research at DBS Bank, said that the increase in oil prices may be limited because the market did not expect the straits to reopen within 7 days. Referring to Trump's rejection of Iran's proposal, Sakal said, “We don't think this will significantly change the current situation.” Brent crude oil for November delivery rose 1.9% to $106.25 per barrel. West Texas Intermediate crude oil for November delivery rose 1.2% to $93.49 per barrel.

The rise in oil prices is due to Iran's insistence on a seven-day proposal to reopen this key waterway, which was rejected by US President Trump, which may further delay the reopening of the straits. The price of Brent crude oil rose to about 106 US dollars per barrel, and the price of US West Texas Intermediate crude oil was higher than 93 US dollars per barrel. In an interview on Sunday, Trump said that Washington may be able to accept these conditions proposed by Tehran about a year ago; he said Iran has now overestimated its own chips. Axios reports that the US president expects negotiations between the two sides to resume this week. Sufro Sakar, head of energy research at DBS Bank, said that the increase in oil prices may be limited because the market did not expect the straits to reopen within 7 days. Referring to Trump's rejection of Iran's proposal, Sakal said, “We don't think this will significantly change the current situation.” Brent crude oil for November delivery rose 1.9% to $106.25 per barrel. West Texas Intermediate crude oil for November delivery rose 1.2% to $93.49 per barrel.