NEW YORK — Oil prices rose sharply on Monday after President Donald Trump rejected Iran's conditional offer to reopen the Strait of Hormuz, reviving fears that supply through the world's most important oil chokepoint will stay disrupted. International benchmark Brent crude traded near $107 a barrel and U.S. West Texas Intermediate near $95, both in U.S. dollars, though prices moved through the morning.

Brent futures for November delivery were 2.7% higher at $107.11 a barrel at 8:32 a.m. Eastern time, paring gains after climbing as high as $108.83 earlier in the session, CNBC reported. WTI futures for November were 3% higher at $95.20. Later in the morning, CNBC's market blog showed Brent up more than 2% at $106.79 and WTI up about 2% at $94.40. In early Asian trading, Brent had gained as much as 2.89% to $107.34 and WTI had risen 1.87% to $94.14, according to CNBC.

The move reversed part of Friday's decline. Oil fell more than 2% on Friday after reports that the two sides were exploring a phased arrangement, and it rebounded at the start of the week, Euronews reported. Trading Economics data showed Brent up about 18% over the past month and about 59% higher than a year ago, while WTI was up about 9.7% over the month and about 48% higher year on year. Brent remains well below its April peak, when it reached a four-year high of $126, according to a chronology of the year's oil market on Wikipedia.

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