Oil rises $4 after Trump rejects Iran's response to US peace proposal

Oil prices rallied on Monday, after US President Donald Trump said Iran’s response to a US proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Brent crude futures climbed $4.16 or 4.11 per cent to $105.45 a barrel at 0340 GMT. US West Texas Intermediate was at $99.80 a barrel, up $4.38, or 4.59pc. Last week, both contracts recorded 6pc weekly losses on hopes for an imminent end to the 10-week-old conflict that would...