Oil prices are rising on Monday after President Donald Trump rejected meeting Iran's conditions to reopen the Strait of Hormuz.
Brent crude, the international benchmark, climbed 3.13% and clocked in at $100.49 per barrel at 7:55 a.m. ET, while West Texas Intermediate, the U.S. benchmark, gained 3.58% and stood at $95.72 at the same time.
Trump, however, said he expects U.S. negotiators to engage with Iranian counterparts this week despite the rejection.
"They want to make a deal, but it is not the deal that I want to make. It is what we would have maybe agreed to a year ago. They overplayed their hand," Trump told Axios. The outlet went on to detail that while Tehran wants to focus talks on the waterway, Washington insists on nuclear concessions.
An Iranian official said last week that a way out of the impasse would be taking partial steps to reach a deal with the U.S., with Iran allowing unrestricted traffic to resume while the Washington lifts its blockade of the country's ports and allows Tehran to access frozen assets.
U.S. Ambassador to the UN Mike Waltz told NBC News during the weekend that the proposal was not made in good faith, calling it a "cynical attempt to put something on the table that they knew was unacceptable."
"The president will leave all options on the table to ensure the world is safe from Iran holding the world hostage with a nuclear weapon," he added.
Iranian Foreign Minister Abbas Araghchi, on his end, said the country is ready for a "doomsday" war but he won't "miss any chance for peace."
Speaking on NBC News' "Meet the Press;" said officials "are ready to negotiate as much as we are ready to face any challenge." "We stand firm in the face of any aggression against us, even if it comes to a doomsday war," he added.
"Our conditions are clear; any progress toward the opening of the Strait of Hormuz is contingent upon the fulfillment of these conditions, and we will not back down from them."
Hostilities continue in the meantime, with the Iranian Revolutionary Guard Corps saying on Sunday that it seized an autonomous U.S. submarine.
