Morning Business Report: Oil prices rise after Trump rejects Iran ceasefire proposal

Oil prices moved higher Monday after President Donald Trump rejected Iran’s latest ceasefire proposal, keeping uncertainty surrounding the conflict and the Strait of Hormuz in focus

(LILAMAX)- Oil prices moved higher Monday after President Donald Trump rejected Iran’s latest ceasefire proposal, keeping uncertainty surrounding the conflict and the Strait of Hormuz in focus. Trump has said he expects additional talks with Iran this week despite rejecting the proposal.

Meanwhile, diamond prices have fallen to a record low. Prices are down 51% over the past five years as the boom in lab-grown stones has disrupted the diamond market.

Stocks finished higher Friday as oil prices cooled, with technology stocks leading the gains.

Costco said it received $184 million in tariff refunds during its fourth quarter. The company said most of that money was reinvested into lower prices for members at its warehouses.

The retailer said the savings were applied to a range of everyday products, including food and beverages, with the price cuts already implemented at Costco stores.

McDonald’s also unveiled $8.5 billion in planned spending over the next 10 years, including restaurant remodels featuring upgraded PlayPlaces, improved dining rooms and more open kitchens.

The announcement comes after fans called for the return of the colorful, kid-friendly indoor playgrounds, which were closed in March 2020 during the COVID-19 pandemic for public health reasons.