Baghdad:Oil prices rose by approximately 2% on Monday after US President Donald Trump turned down an Iranian proposal aimed at resolving the ongoing dispute between the two nations and reopening the Strait of Hormuz. This decision has kept tensions high in the Middle East.

According to National Iraqi News Agency, Brent crude futures increased by $2.75, marking a 2.64% rise to $107.07 per barrel by 04:05 GMT. Meanwhile, US West Texas Intermediate (WTI) crude saw a rise of $1.73, a 1.87% increase, reaching $94.14 per barrel.

Last week, Brent crude prices had seen a modest increase of 0.4%. However, WTI crude experienced a significant decrease of 7.9% due to concerns over a potential US ban on diesel exports, which is intended to address record-high prices but could consequently restrict US refined product supplies.