Washington: (RightNow) U.S. President Donald Trump has rejected Iran’s proposal for a ceasefire and reopening of the Strait of Hormuz. Following this decision, oil prices have surged in the global market.

On Monday, Brent crude oil prices rose by $1.82 or 1.74%, reaching $106.14 per barrel. U.S. West Texas Intermediate crude oil prices also increased by $1.14 or 1.23%, reaching $93.55 per barrel.

Experts state that the rise in oil prices occurred after Iran’s proposal was rejected, creating uncertainty in the global market.

This development could impact the global economy, as rising oil prices may affect the economic conditions of various countries.

It is noteworthy that The Wall Street Journal reported Trump rejected Iran’s 7-day ceasefire proposal, stating that bombing could resume after November.