Oil Prices Rise 1.3% to $93.62 After Trump Rejects Iranian Offer

Oil prices rose more than 1% on Monday following U.S. President Donald Trump's rejection of an Iranian peace proposal. U.S. crude futures for November delivery increased by 1.3% to $93.62 a barrel, while Brent crude gained 1.8% to $106.31 a barrel. Trump's refusal to accept the proposal came as he expects U.S. military action against Iran to resume after November's midterm elections. This situation may impact oil supply and prices as geopolitical tensions continue in the region, particularly affecting the Strait of Hormuz, a crucial shipping route.

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