Crude oil prices rise after Iran's proposal rejected

Global crude oil prices rose on Monday after US President Donald Trump rejected Iran's seven-day ceasefire proposal.

Iran had put forward the proposal last week at the United Nations General Assembly, raising hopes that the Strait of Hormuz would reopen. Speaking to reporters outside the White House, President Trump said the proposal could not be accepted, but also signaled that talks between the two countries could resume.

According to US media, indirect talks could begin as early as Monday. Iran has set conditions for reopening the waterway, including the release of its frozen assets and the lifting of sanctions on its oil.

Crude oil prices rose by about 1.8 percent to around $106 per barrel, while US WTI crude reached about $93. Oil had fallen by more than 2 percent on Friday when the proposal was first made public.

According to news agency AFP, the price rise has heightened global inflation concerns and affected stock markets in various countries. The US dollar is also trading near a two-month high.

Nepal Rastra Bank has set Monday's buying rate for one US dollar at Rs 153.01 and the selling rate at Rs 153.61.