Trump Rejects Iran's Ceasefire Offer, Oil Prices Rise

Washington DC. Crude oil prices have increased in the international market after US President Donald Trump rejected Iran's proposed seven-day ceasefire. Concerns about rising global inflation have also increased with the rise in oil prices. This has also affected the stock markets of various countries.

Iran had proposed a seven-day ceasefire at the United Nations General Assembly last week. If the proposal were implemented, the Strait of Hormuz would reopen and the global energy supply problem would be somewhat eased. The Strait of Hormuz, a vital global energy supply route, has now become a significant issue of tension between the US and Iran.