Global oil prices rose more than 1% after US President Donald Trump rejected an Iranian proposal aimed at ending their military confrontation and reopening the Strait of Hormuz.
Brent crude futures increased to $105.64 per barrel, while US West Texas Intermediate (WTI) crude reached $93.11 per barrel by 0036 GMT.
Iran presented its peace initiative last week during the UN General Assembly in New York. Tehran said it had delivered the proposal to Washington through Qatari mediators.
Trump confirmed on Saturday that he had rejected the proposal. However, he told *Axios* on Sunday that US negotiators were expected to hold further discussions with Iranian representatives this week.
Meanwhile, tensions remained high across the region. A Saudi-led coalition in Yemen said it intercepted two ballistic missiles and two drones launched by Houthi forces toward Saudi Arabia.
Middle Eastern oil exports also showed signs of recovery. Kpler data indicated that crude shipments from major regional producers rose to 12.8 million barrels per day in September, the highest level since the conflict began in February.
Shipments through the Strait of Hormuz were expected to reach about 7.4 million barrels per day, supported by increased exports from Saudi Arabia and the UAE.
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