Oil prices jump after Trump dismisses Iran proposal to end war

Oil prices rose in Monday morning trade in Asia after President Donald Trump said Irans response to US proposals to end the war was totally unacceptable.

Tehran sent its response via Pakistan, which has served as a mediator between the two sides, calling for an immediate end to the conflict and guarantees of no further US-Israeli attacks on Iran, according to Irans semi-official Tasnim news agency.

International oil benchmark Brent rose by 3.1% to $104.50 (£76.88) a barrel, while US-traded crude increased by 3% to $98.40.

The key Strait of Hormuz waterway has been effectively shut since shortly after the war started on 28 February, severely disrupting global supplies of oil and gas.

Responding to Tehran‘s terms, Trump postged on social media: I have just read the response from Iran’s so-called ‘Representatives.’ I dont like it - TOTALLY UNACCEPTABLE.

Washingtons terms had included restoration of free transit through the Strait of Hormuz and the suspension on Iranian nuclear enrichment, according to US news outlet Axios.

Israeli Prime Minister Benjamin Netanyahu also said the war with Iran will not be over until its enriched uranium stockpiles are taken out.