Global oil prices climbed sharply on Monday after United States President Donald Trump rejected Iran’s proposal for a seven-day truce, renewing concerns about disruptions to energy supplies and fuelling inflation fears across financial markets.
Brent crude rose more than three per cent in early trading to move above $107 per barrel, reversing a more than two per cent decline recorded on Friday after news emerged that Tehran had proposed a temporary halt in hostilities.
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West Texas Intermediate also gained more than two per cent, trading at about $94.50 per barrel.
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