- Oil prices climbed more than 1% Monday after U.S. President Donald Trump rejected Iran's conditional offer to reopen the Strait of Hormuz. U.S. crude futures for November delivery rose 1.3% to $93.62 a barrel, while Brent gained 1.8% to $106.31 a barrel.
- Trump told aides he expects U.S. strikes on Iran to resume after November's midterm elections, according to The Wall Street Journal, and confirmed to reporters that he rejected Tehran's latest proposal.
- Iranian Foreign Minister Abbas Araghchi offered to reopen the Strait of Hormuz and restart nuclear negotiations with Washington within seven days if the U.S. ends acts of aggression, lifts the naval blockade, and releases Iranian assets.
- The conflict began with U.S. and Israeli airstrikes on Iran on Feb. 28. Yemen's Saudi-led coalition said it intercepted projectiles launched by Iran-backed Houthi rebels on Saturday.
Quotes
“They made a proposal but I rejected it.”
“If certain conditions are met, the Strait of Hormuz will be open at the end of seven days, and talks will be restarted”