Oil Prices Surge as Trump Rejects Iranian Proposal to Reopen Strait of Hormuz

Crude oil benchmarks jumped at the weekly market open, with both WTI and Brent advancing more than 1% as heightened Middle East geopolitical tensions stoked supply disruption concerns. The price surge followed former US President Donald Trump's rejection of an Iranian seven-day proposal to reopen the strategic Strait of Hormuz, citing Tehran's upfront demands for sanctions relief. Tensions further escalated after reports emerged of a naval cruise missile fired at a commercial vessel in the chokepoint and Houthi advances in Yemen threatening Saudi Arabian oil export infrastructure.