US President Donald Trump rejected an Iranian offer of a seven-day truce and of reopening the Strait of Hormuz, according to the Middle East Eye, and Brent climbed back above $106 a barrel.

Brent futures rose more than 1% to $105.64 a barrel, with West Texas Intermediate (WTI) at $93.11, according to the Mehr News Agency. Despite the rejection, Trump said he expects negotiations to resume, but said Tehran “overplayed their hand,” still according to the Middle East Eye.