Crude oil futures close higher on Monday
Iran reportedly said the country had rejected a new ceasefire proposal to end hostilities with the U.S. and Israel
Crude oil futures closed higher on Monday as concerns of a deeper escalation in the Middle East rise, as President Donald Trump signaled a potential escalation of strikes on Iran as soon as Tuesday, if the Islamic Republic’s leadership failed to reopen the Strait of Hormuz. Trump’s remarks came after Iran reportedly said the country had rejected a new ceasefire proposal to end hostilities with the U.S. and Israel.
Benchmark crude oil futures for May delivery rose by $0.87 or 0.78% to settle at $112.41 a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased by $0.74 or 0.68% to settle at $109.77 a barrel on London's Intercontinental Exchange.
