Oil rises over 1% after President Trump rejects Iran offer
Business
Oil prices jumped over 1% on Monday as tensions between the US and Iran heated up.
President Trump turned down a peace offer from Iran, which aimed to calm things down and reopen the Strait of Hormuz.
The move has left the door open for talks but kept oil markets on edge.
Brent crude hits $105.64 per barrel
Brent crude hit $105.64 per barrel, with worries growing about possible disruptions in oil supply if things escalate further.
Ongoing attacks in the Middle East have already led Saudi Arabia and the United Arab Emirates to boost exports, while export routes are being adjusted after pipeline damage.
All this means higher prices at the pump could stick around if tensions don't ease soon.