00:00Oil prices settled almost 3% higher on Monday after U.S. President Donald Trump said the ceasefire with Iran
00:07was on life support,
00:08leaving the Strait of Hormuz largely closed with no clear end in sight of the war.
00:13Brent crude futures settled up $2.92 or 2.88% at $104.21 a barrel.
00:21U.S.-West Texas Intermediate settled at $98.07 a barrel up $2.65 or 2.78%.
00:29Brent reached a session high of $105.99 and WTI hit a peak of $100.37.
00:39Last week, both benchmarks recorded 6% weekly losses on hopes for an imminent end to the 10-week-old
00:45conflict
00:46that would allow oil to transit through the Strait of Hormuz.
00:49But on Monday, Trump said the ceasefire with Iran was on life support after dismissing Tehran respond to a U
00:56.S. peace proposal as stupid.
00:58Days after Wang Shetan floated a proposal aimed at reopening negotiations,
01:03Iran on Sunday released a respond focused on ending the war on all fronts,
01:08including where U.S. ally Israel is fighting Iran-backed Hezbollah militants.
01:13Tehran also demanded compensation for war damage,
01:16emphasised its sovereignty over the Strait and called on the U.S. to end its naval blockade,
01:21guarantee no further attacks, lift sanctions and remove a ban on Iranian oil sales.
01:26Within hours, Trump dismissed Tehran's office in a social media post as totally unacceptable.
01:33An energy strategist at Rabobank, Florence Schmidt,
01:36said that the narrative has changed again from de-escalatory to escalatory in a matter of a few days
01:41and oil markets respond to it, although only modestly.
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