New York, May 11 (Reuters) – The dollar was slightly higher on Monday, but off earlier highs after U.S. President Donald Trump rebuffed Iran’s response to a U.S. peace proposal, which kept concerns about an extended war intact and lifted oil prices.
Trump said on Monday that a ceasefire with Iran was “on life support” after he rejected Tehran’s response to a U.S. peace proposal, fueling concerns of a resumption of hostilities in the 10-week-old conflict that has killed thousands and halted vital energy flows.
U.S. crude jumped 3.37% to $98.64 a barrel and Brent rose to $104.71 per barrel, up 3.38% on the day after Trump said the offer was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed.
Oil prices jumped, with Brent crude up 2.5% at $103.80 a barrel.
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