Global crude prices rebounded on Monday after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, keeping fears of Middle East supply disruption alive.

Brent crude futures rose $1.32, or 1.27 percent, to $105.64 a barrel in early trading, while US West Texas Intermediate gained 70 cents to $93.11. Later data showed Brent above $106.

Iran had presented a seven-day phased plan at the UN General Assembly, through Qatari mediators, that would reopen the strait and restart nuclear talks in exchange for an end to the US naval blockade, sanctions relief and a ceasefire.

Trump said Saturday the deal was unacceptable, telling reporters Tehran overplayed their hand and was losing so badly it needed the strait opened. He also told aides he expects to resume bombing Iran after the midterm elections.

Treasury Secretary Scott Bessent said the straits were open, with 15 to 22 million barrels a day moving through. Iran's foreign minister Abbas Araghchi said any reopening remained conditional on US concessions.