Iran Rejects US Ceasefire, Oil Holds Near $109

• Oil prices made marginal moves on Monday as Iran rejected a U.S.-brokered ceasefire proposal, keeping Brent at $109.04/bbl and WTI at $111.82/bbl.
• President Trump warned Iran to reopen the Strait of Hormuz by Tuesday 8 p.m. ET, threatening severe power and bridge disruptions if closed.
• OPEC+ announced eight members will raise output by 206,000 bpd in May, but traders doubt immediate market impact because of logistics.
• Renewed crude price strength revives inflation concerns for transport, manufacturing and consumer sectors globally if the Strait stays blocked.