Oil prices are highly sensitive to geopolitical tensions and supply concerns, as demonstrated when President Trump's rejection of Iran's response to a US peace proposal caused oil prices to rally approximately 4% to $105 per barrel, driven by fears of supply disruptions at the strategically critical Strait of Hormuz, which normally handles about one-fifth of global oil and gas shipments.
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Oil rises as Trump rejects Iran’s response to US peace planAdded:
Oil prices rallied Monday, a day after President Donald Trump said Iran's response to a US peace proposal was quote unacceptable. By early afternoon in Asia, international benchmark brand crude futures were up around 4% at $105 a barrel with US oil seeing similar gains. That reverse decline seen last week when prices had fallen in hopes of a peace agreement. On Monday, the signs of a fraying ceasefire raised supply fears as this rate of horm stayed largely closed. It's normally the route for around the fifth of global oil and gas shipments. Iran on Sunday released a response to the proposal focused on ending the war. According to Iranian state TV, Tran also included a demand for compensation for war damages and emphasized its sovereignty over the straight of Hormuz. Analysts say the market's attention now shifts to Trump's visit to China. The president is scheduled to arrive in Beijing on Wednesday and US officials say he's expected to discuss Iran and other topics with Chinese leader Xiinping.
>> Mr.
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