Oil prices rose again in Asian markets on Monday, following a new escalation in tensions between the US and Iran and US President Donald Trump's categorical rejection of Tehran's response to a peace proposal from Washington.
Brent crude rose 4.30%, reaching $105.6 per barrel, while US WTI crude rose 4.72%, to $99.92 per barrel.
According to reports, the market move was prompted by a post by Trump on social media on Sunday evening, where he described the Iranian response as "totally unacceptable."
The US president did not reveal full details of Tehran's proposal, but warned that in the absence of an immediate agreement, the situation could lead to another military escalation.
Iran reportedly proposed an immediate cessation of hostilities on all fronts, the lifting of the US blockade on Iranian exports, and recognition of Tehran's role in managing the Strait of Hormuz.
However, US regional allies categorically rejected any possibility of Iran controlling this strategic sea passage or imposing tariffs on shipping.
Just hours before rejecting the proposal, Trump had publicly accused Tehran of "playing games" and trying to drag out negotiations, suggesting that Washington's patience with the talks was running out.
