Oil prices jump after Trump dismisses Iran proposal to end war

The Strait of Hormuz waterway remains effectively shut, severely disrupting global energy shipments. Oil prices jump after Trump dismisses Iran proposal to end war Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. An employee pumps fuel into a customer's motorbike at a petrol station in Hanoi, Vietnam Oil prices rose in Monday morning trade in Asia after President Donald Trump said Iran's 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 Iran's semi-official Tasnim news agency. , 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 Iran's semi-official Tasnim news agency. International oil benchmark Brent rose by 3.8% to $105.20 (£77.36) a barrel, while US-traded crude increased by 4% to $99.30. 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 posted on social media: "I have just read the response from Iran's so-called 'Representatives.' I don't like it - TOTALLY UNACCEPTABLE." Washington's 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". A ceasefire announced in early April to allow time for peace talks has been mostly observed, despite occasional exchanges of fire. On 21 April, Trump extended the truce indefinitely to give Iran time to present a "unified proposal". Energy prices have swung wildly since the start of the conflict, while Brent crude has risen back above $100 a barrel since the ceasefire came into effect on 8 April. The Strait of Hormuz, through which about a fifth of global oil and gas shipments usually passes, has been effectively shut after Tehran threatened to attack vessels that try to cross it in retaliation against US-Israeli strikes. Major energy companies have seen their profits jump as prices of oil and gas have soared on global markets. On Sunday, Aramco said its earnings had jumped by more than 25% in the first three months of the year compared to the same period in 2025. The Saudi Arabian energy giant's cross-country pipeline has "proven itself to be a critical supply artery" and helped it avoid disruptions to shipping caused by the Iran war, said Aramco boss Amin Nasser. Last month, BP reported that its profits for the first three months of the year had more than doubled, while Shell announced last week that its earnings had jumped. profits for the first three months of the year had more than doubled Shell announced last week that its earnings had jumped Woman pointing at computer screen with a chart on it The companies making billions from the Iran war Cars on a road in Qatar, as smoke billows into the sky after an alleged Iranian attack Gulf economies face long-term hit from Iran conflict While hackers used to sneak into computer systems, intimidation of staff is now more common. Olga Kefalogianni says the Greek government doesn't want visitors to be "burdened" by biometric checks. Molecules that can capture heat could be a useful technology to decarbonise heating. No details have been released of Iran's response - or the US proposals - designed to bring the war to an end. Iranian authorities have imposed an internet ban but using trusted sources, special correspondent Fergal Keane hears from those traumatised by conflict and government repression. The renovation of the Washington DC monument is one of President Trump's efforts to beautify the capital ahead of the nation's 250th birthday. To fly the helicopter it now costs £483 an hour, up from £222 an hour in February. Officials say at least six US states are monitoring for possible cases after several passengers from the Dutch vessel MV Hondius returned home.