Brent crude rises amid a continuing deadlock as Trump describes Iran’s response as ‘totally unacceptable’.

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Trump calls Iran response 'totally unacceptable'

Diplomatic efforts to forge a peace deal between the United States and Iran appear to have hit a wall, with each side accusing the other of making unreasonable demands, even as continuing tensions in the Strait of Hormuz are sending oil prices to new highs.

The US-Israel war on Iran entered its 73rd day on Monday. Late on Sunday, US President Donald Trump flatly rejected Iran’s latest proposal to end the war without giving any reason. Days after the US floated an offer in the hopes of reopening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, especially in Lebanon.

Oil prices climbed after Trump’s latest comments, with the international benchmark Brent crude up 2.69 percent to $104.01 a barrel by 23:36 GMT on Sunday.

Tehran’s proposal included ending the naval blockade and lifting US and international sanctions, while preserving Iran’s control over its nuclear programme and foreign policy — the issues Washington cited when launching the war.

Trump called Iran’s response to Washington’s offer “totally unacceptable”, while Iranian state media said the US plan amounted to “Iran’s surrender to Trump’s greed”.

On Sunday, the United Arab Emirates said it intercepted two drones coming from Iran, while Qatar condemned a drone attack in its waters on a cargo ship coming from Abu Dhabi. Kuwait said its air defences had dealt with hostile drones that entered its airspace.

Here is what we know about what’s been happening in the past 24 hours: