Oil prices rose on Monday morning after Donald Trump rejected Iran's response to American proposals.

Oil prices recorded a significant increase on Monday morning, following the reaction of American President Donald Trump to Iran's response regarding the ceasefire proposals.

The Brent crude, a global benchmark, rose by 4.5%, reaching $105.81 per barrel, after hitting a high of $105.99. Additionally, the price of 'light sweet crude' increased by 2.7%, reaching $97.97.

Trump expressed his dissatisfaction with Iran's response, deeming it unacceptable. The conflict in the Middle East continues to generate uncertainties, and analysts at JPMorgan warn that the risks of rising prices will increase as the Strait of Hormuz remains closed.