Brent crude climbs above $105 after Trump rejects Iran response

Oil prices continued to rise after US President Donald Trump described Iran’s response to Washington’s proposal as “unacceptable”, fuelling concerns that the conflict could intensify further and continue disrupting energy supplies through the Strait of Hormuz.

Brent crude futures rose $4.16, or 4.11 percent, to $105.45 a barrel on Monday morning, while West Texas Intermediate crude climbed $4.38, or 4.59 percent, to $99.80 a barrel.

Both benchmarks had posted weekly losses of around 6 percent last week amid hopes of a ceasefire.

Meanwhile, Amin Nasser said the world had lost about 1 billion barrels of oil over the past two months because of the war, warning that energy markets would take time to stabilise even if oil flows resume.