Crude oil futures are rebounding in early Asia on Monday following a sharp plunge by over 5% to end on Friday at $58.24 per barrel as safe haven demand faded amid swift developments in the Middle East as the first phase of Gaza Peace Plan took effect. U.S. President Donald Trump proposed a 20-point peace plan to end the bitter conflict between Israel and Palestine. Besides, U.S. President Donald Trump threatened to massively increase tariffs on China in retaliation for its expansion of export controls on rare earths, adding pressure on the commodity. Trump accused China of "becoming very hostile" in a post on social media platform Truth Social and said he would no longer meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation forum in South Korea, because "now there seems to be no reason to do so." The counter is currently up almost 2% at $59.90 per barrel.