Oil Jumps More Than 3% After Trump Rejects Iran Response, Escalating Middle East Tensions

Oil prices surged more than 3% after President Trump rejected Iran's response to a proposal for ending the war, escalating tensions in the Middle East. WTI rose to $97.77 and Brent reached $103.90. Geopolitical concerns and uncertainty surrounding negotiations and the Strait of Hormuz are driving volatility.