Summary

Oil prices rallied on Monday morning after U.S. President Donald Trump rejected Iran’s response to a U.S. peace proposal, “I don’t like it – totally unacceptable,” Trump said in a Truth Social post, quashing hopes for an imminent resolution to the Middle East conflict that kicked off in late February. Brent crude for July delivery was up 1.% to trade at $103.3 per barrel at 9.48 am ET while WTI crude for June delivery gained 1.04% to trade at $96.41/bbl.

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