LONDON: Global stock markets mostly rose while oil prices climbed on Monday after US President Donald Trump rejected Iran’s terms for ending the war in the Middle East.

Oil prices spiked more than four per cent following the exchange, before easing.

Brent crude futures were up $3.17, or 3.13pc, at $104.46 a barrel at 12:15pm EDT (1715 GMT). US West Texas Intermediate was at $98.32 a barrel, up $2.90, or 3.04pc. Brent reached a session high of $105.99 and WTI hit a peak of $100.37.

Last week, both benchmarks recorded 6pc weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil to transit through the Strait of Hormuz.

Following a soft start Wall Street’s three main indices pushed higher during the morning session as equity traders continued to shrug off the war.

In Europe, London and Frankfurt rose while Paris fell, pulled down by luxury shares following an analyst report that warned of weak growth opportunities for the sector.

The stalemate between the United States and Iran dashed investors’ hopes of an imminent peace deal and heightened concerns over further violence and disruptions to oil supplies through the Strait of Hormuz.

“The price of oil remains highly reactive to news around the reopening of the Strait of Hormuz, both positive and negative,” said Kathleen Brooks, research director at trading group XTB.

In Asia, Tokyo stocks fell, Hong Kong was little changed and Shanghai jumped more than 1pc, while Seoul climbed around four per cent.

A tech-led surge driven by strong quarterly earnings and optimism about artificial intelligence has pushed several markets to record highs.

Published in Dawn, May 12th, 2026