Oil prices surge as Trump escalates Iran tensions. Brent crude rose 1.7% to $111.13 and US oil climbed 2.1% to $107.62 on Monday following Trump's warning that the "clock is ticking" for Iran to move on stalled peace talks. The standoff has intensified after Iran effectively closed the Strait of Hormuz in retaliation for US and Israeli strikes, disrupting roughly a fifth of global oil and liquefied natural gas shipments. Energy markets face mounting pressure as negotiations stall, with Iranian media reporting Washington rejected Tehran's latest proposals. Airlines and businesses are already feeling the impact, with Ryanair warning of economic uncertainty and spiked fuel costs for the remaining 20% of its jet fuel not locked in at fixed prices.
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