Oil futures surged more than four per cent, alongside gains for natural gas and diesel prices, after US President Donald Trump rejected Iran’s offer of a seven-day truce, AFP reports.
European stock markets steadied in midday deals after a mixed showing across Asia, with markets also reacting to Washington and Beijing extending their trade truce at the end of last week.
“There was renewed strength in oil prices after comments from President Trump that he had rejected Iran’s latest proposal to reopen the Strait of Hormuz,” noted AJ Bell investment director Russ Mould.
