On Monday, oil prices experienced a significant increase, reaching $105 per barrel after U.S. President Donald Trump dismissed Iran's latest peace proposal. This rejection has heightened tensions in the Strait of Hormuz, effectively closing the vital shipping lane and contributing to a surge in global oil prices. West Texas Intermediate (WTI) crude futures rose 4%, hitting the $100 per barrel mark. In response to these developments, Indian equities showed weakness, with Gift Nifty trading down 193 points or 0.80%. Trump criticized Iran's position on his social media platform, calling it 'totally unacceptable' but did not specify which parts of the proposal were rejected. Iran's response reportedly included demands for compensation for war damages, recognition of its sovereignty over the Strait of Hormuz, and guarantees against future attacks, indicating a significant setback in the peace negotiations aimed at resolving the ongoing conflict that has lasted for 10 weeks.