Oil Prices Rise as Trump Warns Iran, Tensions Escalate

Oil prices rose on Monday in Asia after US President Donald Trump warned Iran the "clock is ticking" as talks to bring the war to an end have stalled.

The global benchmark Brent crude was 1.7% higher at $111.13 (£83.44), while US-traded oil was up by 2.1% at $107.62.

Energy markets have been on a wild ride after Iran effectively closed the key Strait of Hormuz waterway in retaliation for US and Israeli strikes on the country, which started on 28 February.

Around a fifth of the world's oil and liquefied natural gas (LNG) usually passes through the narrow shipping route.

"They better get moving, FAST, or there won't be anything left of them," Trump wrote on social media. "TIME IS OF THE ESSENCE!"

Iranian media meanwhile reported Washington had failed to make any concrete concessions in its response to Tehran's latest proposals to end the conflict.

A lack of compromise from the US would lead to an "impasse in the negotiations", the semi-official Mehr news agency reported.

Trump's message echoed his threat that a "whole civilisation" would die unless Tehran agreed to a peace deal, shortly before a ceasefire was announced in early April.

The president warned last week that the truce was on "massive life support" after rejecting Iran's demands, labelling them "totally unacceptable".

He is expected to hold ​a ​meeting on ⁠Tuesday ​with his ​top national security advisers to ​discuss the ​options for military ‌action ⁠regarding Iran, according to news platform Axios.

During the conflict Iran has launched attacks on neighbouring countries including Israel, Bahrain and the United Arab Emirates (UAE).

On Sunday, the UAE said a drone strike had triggered a fire near its nuclear power station, calling the incident a "dangerous escalation".

Officials are investigating the source of the strike. The country's defence ministry said three drones had entered the UAE from the "western border direction".