Crude oil prices rise as Trump calls Iran's offer 'totally unacceptable'

AI Summary

Crude oil prices have risen following US President Donald Trump's rejection of Iran's counterproposal aimed at resolving ongoing conflicts in the Middle East. The situation in the Strait of Hormuz is impacting economies globally, prompting leaders like India's Modi to call for reduced fuel usage.

Benchmark crude oil prices rose on Monday as US President Donald Trump rejected Iran's latest counterproposal to find an end to the war in the Middle East. The continued closure of the Strait of Hormuz is leaving its mark on economies around the world, with India's Prime Minister Narendra Modi calling for reduced fuel use and Chinese inflation gauges ticking up higher than expected. Also in this edition: French President Emmanuel Macron announces more than €1 billion in investment in Kenya.