World
Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz
Brent crude rises more than 3 percent to top $107 a barrel as Washington dismisses Tehran's proposal to end war.
Al Jazeera•
Oil prices have risen sharply following United States President Donald Trump’s rejection of an Iranian proposal to reopen the Strait of Hormuz within seven days.
Brent crude, the international benchmark, rose more than 3 percent on Monday, nearing $108 a barrel during trading in Asia.
After easing in the afternoon, Brent futures for November were trading at $107.35 a barrel shortly before 08:00 GMT.
Hong Kong’s Hang Seng Index rose 0.54 percent, while the S&P/ASX 200 in Australia edged up 0.17 percent.