Trump suggests he will not accept Iran's latest peace proposal until oil prices rise

US President Donald Trump signalled yesterday that he is unlikely to accept Iran's latest proposal to end the war, sources told CNN after Tehran proposed a plan that would reopen Hormuz Strait, leaving issues about his nuclear programme for later negotiations.

The US and Iran may not have met for a second round of talks in Pakistan, but both sides are not as far apart as it seems, according to sources familiar with the mediation process.

The global price of oil rose over $110 per barrel for the first time in three weeks today, as traders worry that the US and Iran are no closer to an agreement to end the war and fully reopen Hormuz' vital plight.

The profits of British Petroleum, one of the world's largest oil and gas sector companies, doubled in the first three months of the year, after its oil dealers benefited from major price fluctuations caused by the war with Iran.

On the ground, several million Iranians have lost their jobs and are pushing towards poverty as a result of the conflict.