Oil prices rose sharply on Monday as renewed uncertainty over the conflict involving the United States and Iran raised concerns about crude supplies through the Strait of Hormuz. Brent crude gained 2.8 per cent to $107.26 a barrel, while US West Texas Intermediate rose 1.8 per cent to $94.07 a barrel. The rally followed reports that US President Donald Trump had rejected Iran's latest proposal aimed at easing tensions and reopening the strategic Strait of Hormuz, a major global oil shipping route. Market sentiment was further affected by fading expectations of a near-term ceasefire, with traders increasingly focused on the potential impact of prolonged disruptions on global crude supplies. Trump said on Sunday that US envoys were expected to hold further talks with Iran in the coming days but maintained that Tehran had yet to present terms acceptable to Washington.
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