Oil prices rose by more than 4% in international markets after US President Donald Trump rejected an Iranian proposal to end the war.
Brent crude futures rose by $4.17, or more than 4%, to $108.05 a barrel, while West Texas Intermediate (WTI) crude increased by $3.82 to $96.23 a barrel.
Trump had rejected Iran’s proposal to reopen the Strait of Hormuz but indicated that negotiations with Tehran would continue.
A day after rejecting Iran’s proposal to end the war, Trump said in a phone interview on Sunday that he expected US negotiators to hold further talks with Iran this week.
They want to make a deal, but it’s not the deal I want, Trump said, adding that Iran was seeking an agreement that Washington might have accepted a year earlier.
Asked about the possibility of renewed US strikes against Iran, Trump said he was always thinking about it.
Speaking to the media, Trump also said he believed the conflict with Iran could end soon and predicted that oil prices would fall sharply, along with the prices of other goods.
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