(RTTNews) – Oil prices jumped more than 3 percent on Monday in the wake of renewed concerns about energy supply as U.S. President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz and signaled possible new military strikes after midterm elections.
Brent crude prices soared 3.3 percent to $107.71 a barrel, recovering losses from the previous session amid a lack of clarity related to peace negotiations. WTI crude futures were up 3.3 percent at $95.41.
After publicly rejecting Iran’s latest proposal to reopen the Strait of Hormuz and other demands regarding naval blockades and easing economic measures, Trump reportedly told aides he expects U.S. bombing to resume after midterm elections.
While Trump said he expects negotiations to resume this week. Iran said it would not soften its conditions.
Trump also said he is still looking “very seriously” at implementing a U.S. ban on diesel exports to combat high prices, which could help lower U.S. diesel prices initially and lift European wholesale cots by about 2 percent.
Iran’s Foreign Minister Abbas Araghchi expressed hopes for a diplomatic solution, but warned the country is prepared for war with the United States to resume.
“We are fully prepared for the war to be resumed. We stand firm in the face of any new aggression, even if it comes to a doomsday war,” Araghchi told NBC News.
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