Oil prices are climbing again on Monday, continuing a rally that has seen gain almost 50% over the past year.
The latest increase comes after US President Donald Trump rejected Iran's proposal to end the conflict and reopen the Strait of Hormuz.
Saudi Arabia has faced more missile and drone attacks from Yemen's Houthi forces, threatening the security of its energy infrastructure.
Saudi Arabia's efforts to restore its East-West pipeline could play a role in where oil prices head next.
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Oil prices are climbing again on Monday, continuing a rally that has seen gain almost 50% over the past year.
West Texas Intermediate crude is now up 1.15% to US$93.47 per barrel.
Brent crude has climbed 1.68% to US$106.07, bringing the US$110 mark back into focus.
The latest increase comes after US President Donald Trump rejected Iran's proposal to end the conflict and reopen the Strait of Hormuz.
According to Reut e rs, Tehran offered to reopen the strategic waterway within 7 days in exchange for sanctions relief and a ceasefire.
Trump refused to accept the terms over the weekend, although negotiations are expected to resume this week.
Saudi Arabia has faced more missile and drone attacks from Yemen's Houthi forces, threatening the security of its energy infrastructure.
Last Friday, an Ukrainian drone attack damaged Russia's Novoshakhtinsk refinery in the Rostov region.
Saudi Arabia's efforts to restore its East-West pipeline could play a role in where oil prices head next.
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