Oil prices spike after Trump rejects Iran proposal

Oil prices spike after Trump rejects Iran proposal

Oil prices spiked with bond yields early on Monday following US president Donald Trump's rejection of an Iranian offer of a seven-day truce.

On Friday, oil prices fell amid news of an Iranian proposal and optimism after the UN General Assembly. However, prices bounced back at the start of the new week, with Brent back above $106 a barrel.

Despite rejecting the offer, Trump told Axios he expects negotiations to resume, but added that Tehran "overplayed their hand".

"They want to make a deal, but it is not the deal that I want to make... It is what we would have maybe agreed to a year ago."