Oil traders had a rough start to the week. Over the weekend, President Trump rejected Iran's proposal to reopen the Strait of Hormuz and restart nuclear talks within seven days. Tehran wanted the United States to lift its naval blockade of Iranian ports, ease limits on oil sales and observe a ceasefire that would include Lebanon. Trump called the terms unacceptable and argued Iran is eager for a deal because money is running short.
Markets reacted fast. Brent crude climbed above $107 a barrel in Asian trading on Monday, up more than 2.5 percent, while U.S. crude rose to about $94. The war between the United States, Israel and Iran is now roughly seven months old, and it keeps squeezing one of the busiest energy routes on Earth. Trump hinted talks could continue, so nothing is fully closed. For ordinary people, the worry is simple: higher fuel and shipping costs.
