Brent tops $120 as Trump rejects Iranian proposal to reopen Hormuz

Brent crude futures rose above $120 a barrel on April 29, the highest level of the US-Israel-Iran war so far, and were up about 8% on the day. President Trump rejected an Iranian proposal to reopen the Strait of Hormuz and said the US naval blockade of Iranian ports would stay until Tehran agrees to a nuclear deal. Al-Monitor reported that the April 7 ceasefire had not produced a broader settlement.

• Brent above $120 a barrel, previous war peak just above $119
• Up about 8% on the day
• Trump rejected Iran's Hormuz reopening proposal
• US naval blockade of Iranian ports to continue