New york: Oil prices surged at the opening of trading today shortly after US President Donald Trump announced his rejection of Tehran's response to the proposal presented by Washington to end the war. Brent crude futures rose by US$3.21, or 3.17 percent, to reach $104.50 per barrel, while US West Texas Intermediate crude gained $3.06, or 3.21 percent, to $98.48 per barrel.

According to Emirates News Agency, the market reacted sharply to the geopolitical tensions exacerbated by the US's decision. The increase in oil prices reflects concerns over potential disruptions in supply and heightened uncertainty in the region, impacting global energy markets.