US-Iran war, May 11 -- Oil prices surged on Monday, 11 May, after the United States and Iran failed to reach an agreement on a Washington-backed peace proposal, while the Strait of Hormuz largely remained shut, raising concerns over tight global energy supplies.

Brent crude futures rose $3.18, or 3.14%, to $104.47 a barrel, building on Friday's 1.23% gain. Meanwhile, US West Texas Intermediate crude advanced $3.92, or 4.11%, to $99.34 a barrel, following a 0.64% increase in the previous session.

In a post on social media, Trump described the response as "TOTALLY UNACCEPTABLE" as both sides continued to grapple with maintaining a fragile ceasefire after repeated flare-ups in tensions.

According to a Reuters report, Trump is set to meet ...