Oil prices surged in early trade as investors digested the latest developments in the Middle East, with both Brent and US crude climbing over 4%.
It comes after US President Donald Trump rejected Tehran’s response to the latest proposition to end the conflict in Iran, and consequent blockade of the Strait of Hormuz, to an end.
Details about the proposal have not been made public. However, Trump stated it was "totally unacceptable".
As a result, the front month contract on Brent crude traded around $104.75 per barrel while US crude, or WTI, was up to roughly $98.90.
On Friday, Brent had closed around $100 while WTI was at roughly $95 per barrel.
