Donald Trump rejected an Iranian plan to reopen the Strait of Hormuz. CNBC said the plan aimed to end the conflict.

Iran offered to reopen the waterway within a week. This depended on the United States lifting its naval blockade.

Iran also wanted eased oil sanctions and a regional ceasefire. Axios reported this.

Oil prices rose more than 1% on Monday after the rejection. Brent crude gained 1.74% and US West Texas Intermediate rose 1.23%.

Reuters reported these figures. US stock futures and Treasury bond prices also fell after the rejection.

The United States wants Iran to make nuclear concessions. Axios said mediators are still pursuing talks. Sources said Iran also wanted a diplomatic outcome.