Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz, raising
the prospect of further delays to reopening the chokepoint. WTI and Brent crude
rose more than 1% at the open. Traders will continue to monitor actual flows
through the Strait of Hormuz. Trump said a "record" amount of oil was taken from
the strait on Saturday night. Regional tensions remain elevated: the Saudi-led
coalition in Yemen said it intercepted a Houthi drone bound for Riyadh and a
missile aimed at Khamis Mushait on Saturday; alerts were issued in Abha and
Jazan, locations of Saudi Aramco energy facilities.