India, Sept. 28 -- Brent crude oil prices jumped more than 2% on Monday after US President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz. Brent futures rose $2.60, or 2.49%, to $106.92 a barrel at 0803 GMT.

US West Texas Intermediate (WTI) crude also climbed. WTI rose $2.08, or 2.25%, to $94.49 a barrel. The move came as markets reacted to uncertainty over the conflict and the future of oil shipments through the Strait of Hormuz.

Trump's rejection of the peace proposal was a major reason for the rise in oil prices. Hamad Hussain, senior climate and commodities economist at Capital Economics, said oil prices appeared to have jumped after Trump rejected Iran's proposal, ...