EconomyOil prices surge after Trump rejects Iran plan to reopen Strait of Hormuz

Oil prices jumped after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days. Brent crude rose more than 3 percent to above $107 a barrel. Tehran had offered to reopen the waterway and resume nuclear talks in exchange for frozen funds, sanctions relief and an end to the naval blockade of its ports.

oil pricesStrait of HormuzDonald TrumpIran