Oil prices surge after Trump rejects Iran’s plan to reopen Strait of Hormuz

Oil prices surged sharply after U.S. President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days. Brent crude rose over 3 %, nearing $108 per barrel during Asian trading. Iran’s proposal, announced at the UN, included releasing frozen funds, lifting sanctions, and ending the naval blockade in exchange for reopening the strait and resuming nuclear negotiations. Market volatility increased, with Japan’s Nikkei 225 and South Korea’s Kospi falling, while Hong Kong’s Hang Seng and Australia’s S&P/ASX 200 rose.