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Oil settles higher as supply worries persist after Trump rejects Iran plan
Brent futures closed up 0.9% at $105.28 a barrel, after rising more than $4 early as markets weighed potential Strait of Hormuz disruption.
Oil prices closed slightly higher on Monday as traders focused on ongoing supply disruption risks tied to US-Iran tensions, despite later pullbacks.
Prices jumped more than $4 a barrel early after President Donald Trump rejected an Iranian proposal that would have reopened the Strait of Hormuz, while gains eased on expectations that Qatari mediators would continue talks with both sides.
Brent futures settled up 96 cents, or 0.9%, at $105.28 a barrel, and US West Texas Intermediate crude rose 19 cents, or 0.2%, to settle at $92.60.
Qatari mediators were expected to hold separate talks with Iranian Foreign Minister Abbas Araqchi in New York and with the US side on Monday or Tuesday, with negotiations expected to center on an amended version of a seven-day plan Iran floated last week, according to a report by LiveMint Markets.
Latest closeWTI crude $92.44 ▼2.3%|Brent $97.47 ▼8.6%