Oil prices increased after former U.S. President Donald Trump rejected Iran’s reply to a U.S. proposal to end the ongoing conflict. Because of this development, traders became worried about possible instability in the region, which affected the global oil market. The price of Brent crude, an international oil standard, rose by about 2.69% to $104.01 per barrel. At the same time, U.S. West Texas Intermediate also went up by more than 3%, reaching $98.51 per barrel. Overall, the rejection of the peace-related proposal led to fears of continued tension, which pushed oil prices higher.