Trump rejects Iran proposal as oil rises

Oil prices rose on Monday after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz as part of a proposed halt in hostilities, renewing concerns about energy supplies and inflation. Brent crude, the international benchmark, traded above $107 a barrel in some Monday updates, while Asian share markets were mixed and bond yields rose. The proposal, presented by Iran at the United Nations General Assembly the previous week, called for a seven-day pause in hostilities, the reopening of the strait and a return to nuclear negotiations. Accounts of its terms said Iran sought the release of frozen assets, sanctions relief and an end to the U.S. naval blockade in return. Those conditions were reported as Iran’s position, not as agreed terms. Trump said he had rejected the offer. He also told Axios he expected negotiations to resume, while indirect talks between Washington and Tehran were reported as a possibility as early as Monday. The supplied reports did not confirm that talks took place or that either side changed its position. Brent prices had fallen more than 2 percent on Friday after news of Iran’s offer, then rebounded at the start of the week.