Oil prices rose by more than 3% on Monday as hopes of reopening the Strait of Hormuz faded after President Donald Trump rejected Iran’s latest proposal.

What happened: Brent crude, the international benchmark for oil prices, rose by more than 3% on Monday but has since eased back to $105.03 per barrel as of 12:32 a.m. EDT on Monday.

Oil rose after weekend reports suggested talks to reopen the Strait of Hormuz, a key route for energy shipments, had stalled.

Trump on Saturday said Tehran’s latest proposal for ending the seven-month US-Israel war on Iran was not acceptable.