Oil prices rose more than $4 a barrel on Monday after the United States and Iran both rejected each other’s proposal to end the ongoing conflict, Expectations that the 10 weeklong conflict between both the nations would cease faded after Trump on Sunday rejected Iran’s proposal keeping global oil supplies under pressure.
Brent crude futures gained $4.13, or 3.14%, to $105.47 a barrel, building on Friday’s 1.23% rise. U.S. West Texas Intermediate crude climbed $4.57 or 4.60%, to $98.51 a barrel after settling 0.64% higher in the previous session.
A shift in the market shifts squarely to US Presidents visit to China. According to experts, there is hope he persuades Beijing to convince the former nation to push for a comprehensive ceasefire and a resolution to the conflict.
Earlier on Sunday, Saudi Aramco CEO Amin Nasser stated that the world has lost about 1 billion barrels of oil supply over the past two months, adding that energy markets would take time to stabilize even if flows resume.
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