Crude oil rose above $93 per barrel on Monday, recouping part of the prior session’s losses after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz. The move heightened concerns that the resumption of oil shipments through the critical waterway could face further delays. Trump also said Tehran had overplayed its hand and indicated he expects negotiations to resume this week.
Iran, for its part, stated that it is waiting for a definitive US response to its seven-day proposal to reopen the strait and meet other demands, stressing that it will not soften its conditions despite Trump’s rejection of its latest plan.
Elsewhere in the Middle East, tensions remained elevated as Saudi Arabia intercepted Houthi drones headed toward Riyadh, as well as a missile targeting the southern city of Khamis Mushait. Additional alerts were issued in Abha and Jazan, where Aramco operates key energy facilities.
In the United States, Trump is weighing a ban on diesel exports as part of broader efforts to tackle persistently high fuel prices.
