Earlier, U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran, hours before it was due to expire.

Crude oil prices surged Sunday, as the U.S. and Iran teetered on the brink of a renewed war after attacks on commercial ships in the Strait of Hormuz.

Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.

Brent crude rises more than 7 percent as Washington and Tehran offer conflicting accounts on ceasefire negotiations.

Oil prices jumped and global equities pulled back as markets grew increasingly concerned that the ceasefire between the U.S. and Iran might not hold, while tensions over the…

Earlier, U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran, hours before it was due to expire.

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.