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Global oil prices surged on Monday after Donald Trump rejected Tehran’s response to Washington’s peace proposal and Iran renewed threats over the Strait of Hormuz.
The international benchmark, Brent crude for July delivery, climbed 2.69 percent to $104.01 per barrel in early trading.
US benchmark West Texas Intermediate also rose sharply, gaining 2.54 per cent to reach $97.84 per barrel.
The market reacted to rising tensions after Trump declared Iran’s response to the latest US peace initiative “totally unacceptable,” raising fears that negotiations to end the Middle East conflict could collapse.
Investors also remained concerned about possible disruptions to oil supplies through the Strait of Hormuz, a critical global shipping route that handles a significant share of the world’s oil exports.
Iran has recently renewed warnings against foreign military presence in the waterway and threatened retaliation over any further escalation involving the United States or its allies.
