Oil prices rose more than 2% on Monday morning after U.S. President Donald Trump rejected an Iranian peace plan concerning the reopening of the Strait of Hormuz. Brent reached $106.81 a barrel and WTI $94.06, while pre-market indications showed a modest gain for the DAX.
Brent, the North Sea benchmark, gained 2.4% to $106.81 a barrel on Monday morning. U.S. West Texas Intermediate rose 1.8% to $94.06. The increases followed Trump’s rejection of an Iranian proposal linked to reopening the Strait of Hormuz.
Germany’s DAX finished Friday at 25,409 points, up 0.6%. A slight recovery in oil prices during the previous week had given the index some support. Early indications on off-exchange platforms pointed to another modest gain at the start of the new week.
Hopes for easing tensions in the Middle East had recently pushed oil below $100 a barrel. Brent had approached $110 at the beginning of the month. The latest rise puts energy-market developments back in focus as investors assess the DAX’s prospects.