Oil prices rose after US President Donald Trump rejected Iran’s seven-day proposal for reopening the Strait of Hormuz, raising the prospect of further delays to restoring flows through the crucial waterway. Brent crude futures rose $1.82, or 1.74%, to $106.14 a barrel by 2202 GMT, while US West Texas Intermediate gained $1.14, or 1.23%, to $93.55. Trump said Iran had overplayed its hand and that negotiations could resume this week. Brent has gained more than 70% this year and is headed for a third consecutive monthly advance as the US-Iran conflict enters its eighth month. Traders are monitoring physical shipments through Hormuz, which carried about one-fifth of global crude and liquefied natural gas before the conflict. Regional tensions remain elevated after Saudi-led coalition forces in Yemen reported intercepting Houthi drones and a missile near locations hosting Aramco facilities.