Oil prices rose and stock futures ticked down as investors reacted after the two sides failed to agree on a U.S.-Iran peace deal.

Oil futures extend their gains in the Asian afternoon session amid fading hopes for a U.S.-Iran peace deal. Oil “prices are surging after President Trump rejected Iran’s latest peace plan proposal,” ING’s Commodities Strategy team says in a research report.

Asian stocks were mixed Monday after Wall Street set more records, and oil surged more than 4% following U.S. President Donald Trump’s rejection of Tehran’s response to the latest U.S. proposal on ending the war in Iran.

U.S. stock futures were lower after Trump said Iran’s response to a U.S. proposal to end the conflict was unacceptable.

While the Strait of Hormuz remained largely closed, keeping global energy supplies tight, oil prices jumped $3 a barrel on Monday.

The key Strait of Hormuz waterway has been effectively shut since shortly after the war started on 28 February, severely disrupting global supplies of oil and gas. Responding to T

U.S. stock-index futures fell and oil prices rose on Sunday, after President Donald Trump called Iran’s response to the latest U.S. proposal to end the war “totally unacceptable.”

Oil prices rallied Monday (May 11), a day after President Donald Trump said Iran's response to a U.S. peace proposal was "unacceptable," raising supply fears as the Strait of Hormuz stayed largely closed.