Oil prices extended gains after Trump sent Iran’s draft peace deal back for revisions, casting doubt on when the Strait of Hormuz will fully reopen.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.

Oil prices extended gains after Trump sent Iran’s draft peace deal back for revisions, casting doubt on when the Strait of Hormuz will fully reopen.