Oil Rises $3 After Trump Rejects Iran’s Response to US Peace Proposal

Oil prices surged by 3% after President Trump deemed Iran’s response to the U.S. peace proposal ‘unacceptable,’ fueled by concerns over supply disruptions at the Strait of Hormuz. Approximately 1 billion barrels of oil have been lost over the past two months, and energy markets are expected to take time to stabilize. Trump is scheduled to visit China and discuss Iran with Xi Jinping.