Oil heads higher as US-Iran peace talks in stalemate

Oil prices experienced a rebound of more than 1% as geopolitical tensions in the Middle East persisted. Donald Trump rejected Iran's peace proposal that aimed to resolve the ongoing conflict and reopen the Strait of Hormuz. Furthermore, increasing attacks by Iran-backed Houthis on Saudi Arabia heightened regional supply vulnerabilities. Meanwhile, crude oil exports from major Middle Eastern countries surged, reaching the highest levels since February.