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 M

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.