Oil climbed back above $100 as hopes for Iran war off-ramp faded after Washington said plans for talks remained "fluid" amid denials from Tehran.

Stock markets had originally rebounded on Monday said Trump said he would hold off strikes on Iran.

Oil climbed back above $100 as hopes for Iran war off-ramp faded after Washington said plans for talks remained "fluid" amid denials from Tehran.

Oil prices fell 5% after Donald Trump that Washington and Tehran are "in negotiations right now" and indicated Iran is keen to reach a peace agreement.

The US president said talks to end the war are underway with Iran - a claim that officials in Tehran have disputed.

Oil prices rose after Iran signaled it had no intention of holding direct talks with the United States.

Brent crude tops $104 a barrel as hopes fade for deescalation in US-Israel war on Iran.

Brent crude oil reached $111.41 per barrel Friday morning after two Chinese ships were blocked from passing through the Strait of Hormuz.