New Delhi, Sept. 28 -- Crude oil prices surged over 4% on Monday, after US president Donald Trump rejected Iran's offer to reopen the Strait of Hormuz if the US halts military strikes.

Around 6.30 pm, the November Brent crude contract on the Intercontinental Exchange was trading at $106.50 per barrel, up 2.09% from its previous close. It reached a high of $108.7 per barrel during the day. The oil spike sent panic over global markets, with stocks in Japan, South Korea and China sliding. The benchmark Nifty index fell 1.6%, while Japan's Nikkei, Korea's Kospi and China's Shanghai Composite fell 0.73%, 2.70% and 1.67% respectively.

On Friday, Iranian foreign minister Abbas Araghchi offered to reopen the Strait, traditionally a key route ca...