The Strait of Hormuz trade route remains effectively shut, disrupting the global energy shipments.
The flare-up further endangers the US-Iran ceasefire, which Trump extended indefinitely on 21 April.
Brent crude rises amid clashes in critical waterway.
Investors headed into Monday on edge as Trump’s rejection of Iran’s ceasefire proposal fueled concerns about a prolonged Middle East conflict.
Heightened fears of Strait of Hormuz supply disruption push Brent up nearly 5%
While the Strait of Hormuz remained largely closed, keeping global energy supplies tight, oil prices jumped $3 a barrel on Monday.
Brent crude rises after US president calls overture from Tehran ‘totally unacceptable’
Global oil prices jumped after Donald Trump rejected a Iranian counter-offer to a 14-point U.S. plan to end the war as "totally unacceptable."