New York:Oil prices rose by more than one percent today as US President Donald Trump dismissed a peace proposal from Iran, aimed at resolving their ongoing conflict and reopening maritime navigation, which has kept tensions high in the Middle East.
According to Oman News Agency, Brent crude futures increased by $1.32, or 1.27 percent, reaching $105.64 per barrel, while US West Texas Intermediate crude climbed 70 cents, or 0.76 percent, to $93.11 per barrel.
Iran presented its peace proposal last week at the United Nations General Assembly in New York, mentioning that it had been communicated to the United States through intermediaries. President Trump rejected the plan, though he mentioned that he anticipated more discussions by American negotiators this week.
Brent crude saw an increase of 0.4 percent last week, while West Texas Intermediate experienced a decline of 7.9 percent, amid concerns over a potential US ban on diesel exports to mitigate high prices, which could impact American refining outputs.
Preliminary data from Kpler indicated that crude oil exports from major Middle East producers rose in September, reaching 12.8 million barrels per day, marking the highest level since the conflict began last February.
