“Crude prices surge on fears of escalating Iran conflict Oil prices rose sharply after US President Donald Trump rejected Iran’s response to Washington’s proposal aimed at ending the war, raising concerns about further escalation in the region. The gains also reflected fears over possible disruption to energy supplies and shipping routes linked to the Strait of Hormuz. The international benchmark, Brent crude, rose 2.69 percent to $104.01 a barrel by 23:36 GMT on Sunday, extending Friday’s 1.23 percent increase. West Texas Intermediate crude climbed 3.24 percent to $98.51 a barrel, after closing 0.64 percent higher in the previous session.
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