Oil climbs toward $107 as hopes for Hormuz reopening fade

Oil prices climbed early in the week after the United States turned down Tehran's ceasefire conditions, weakening hopes that the Strait of Hormuz would soon reopen. According to Mettis Global figures, Brent crude futures rose 2.48% to $106.91 a barrel, while West Texas Intermediate added $1.62, or 1.75%, to $94.03.

The move followed a weekend Wall Street Journal report that Trump had rejected Iran's proposal and that US military action could resume after the November midterm elections were over. Trump later told journalists he had dismissed the Iranian plan, according to CNBC.

Foreign Minister Abbas Araghchi unveiled the plan on Friday at the UN General Assembly in New York. Under it, Tehran would allow ships through the strait again and resume nuclear talks with Washington within a week, but only if its demands were satisfied first. Hostilities first broke out on February 28, when the US and Israel carried out joint air attacks on Iran, and Trump had earlier signalled that fighting might stop soon after the midterms, with a fall in oil prices to follow.