Oil jumps after President Trump rejects Iran's West Asia proposal
Business
Oil prices shot up on Monday, Brent crude climbed 3% to more than $104 per barrel, and WTI is close to $100.
The main reason? President Trump rejected Iran's proposal to ease West Asia tensions, which have been dragging on for nearly three months.
Iran refused to stop uranium enrichment
Iran wanted relief from sanctions, a temporary oil export waiver, and to keep nuclear talks separate from the conflict, but refused to stop uranium enrichment.
Trump called these terms "Totally Unacceptable," raising tensions even more.
With the Strait of Hormuz still tense (think drone strikes and a cargo vessel briefly set ablaze by a drone strike), even small disruptions here can shake global oil prices.