Global oil prices rise sharply after Trump dismisses Iran's response to US proposal

Oil prices rose sharply in Asian trading on Monday after US President Donald Trump rejected Iran’s latest proposal aimed at ending the ongoing conflict.

International benchmark Brent crude climbed 3.8 percent to $105.20 a barrel, while US crude rose 4 percnet to $99.30 following renewed tensions over the war and disruption to global energy supplies.

According to Iran’s semi-official Tasnim news agency, Tehran delivered its response through Pakistani mediators, calling for an immediate end to the conflict and guarantees against future US-Israeli attacks.

Trump responded on social media, writing: “I have just read the response from Iran's so-called 'Representatives.' I don't like it - TOTALLY UNACCEPTABLE.”

The latest developments come as the strategically important Strait of Hormuz remains effectively shut, disrupting around a fifth of global oil and gas shipments.

Reports from Axios said Washington’s demands included restoring free passage through the Strait of Hormuz and halting Iran’s nuclear enrichment programme.

Energy companies have benefited from soaring prices. Saudi energy giant Saudi Aramco reported a more than 25 percent rise in first-quarter earnings.