Investing.com -- Crude Oil WTI traded around $111 at 10:50 AM on Monday, showing a muted reaction to Iran's rejection of a ceasefire proposal from the United States.

Iran conveyed its reply to the U.S. proposal on ending the war through Pakistan, according to Iranian state television IRNA. The response consisted of ten clauses.

In its reply, Iran rejected a ceasefire with the U.S. and instead demanded a permanent end to the war. The country also called for a protocol ensuring safe passage through the Strait of Hormuz, lifting of sanctions, and reconstruction efforts.