Oil Prices Rise 2% After Iran Rejects US Plan

Oil prices are moving upwards following Iran's rejection of a US proposal for direct talks. While Iran is considering the US proposal to end the war, it has stated that it has no intention of negotiating directly with the United States and has set its own terms for peace. West Texas Intermediate (WTI) crude oil and Brent crude oil both saw increases of 2.34% and 2.27% respectively. Analysts at TD Securities estimate that the oil shock is unlikely to prompt an aggressive policy response from the Federal Reserve, as the Fed remains in a wait-and-see mode regarding interest rate hikes.