Monday’s early Asian session saw Brent rise 1.8% to $106.20 a barrel and U.S. West Texas Intermediate advanced 1.36% to $93.67. The gains followed President Donald Trump’s rejection of an Iranian initiative intended to end the Middle East conflict and restore passage through the Strait of Hormuz.
Tehran reaffirmed on Sunday that negotiations were the only means of resolving its confrontation with the United States and Israel. Foreign Minister Abbas Araghchi said intermediaries handling discussions between Iran and Washington had not formally communicated an American decision to reject the proposal.
Trump, however, had acknowledged to reporters that he turned down Tehran’s latest offer. His confirmation followed a Saturday report by The Wall Street Journal describing his refusal to accept Iran’s conditions for reopening the shipping route.
The initiative presented by Araghchi on Friday linked renewed access to Hormuz with a return to nuclear talks. Iran offered to reopen the strait and resume those discussions with Washington within seven days, provided the Trump administration accepted Tehran’s conditions.
The Journal’s account, attributed to unnamed U.S. officials, also outlined Trump’s expectations for further military action. According to the newspaper, he told aides that he anticipated renewed American strikes against Iran after the November midterm elections. That reported expectation preceded Iran’s Sunday insistence that the conflict required a diplomatic solution.
