Brent crude oil futures for July have crossed $110 per barrel for the first time since early May, according to trading data from London's ICE.
Brent crude oil rose 1.27% to $110.65 per barrel. Last traded above $110 on May 4, reaching $114.44.
On May 17, US President Donald Trump warned that the “clock is ticking“ for Iran and that he had better hurry. He threatened that Washington would hit them "much harder than before" if Tehran did not offer more favorable terms for a deal. Trump also said he expected an updated offer from the Iranians and expected it to be better than the previous one.
The US leader rejected Iran's latest proposal, calling it "nonsense" and "completely unacceptable". He claimed he had not even read it.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf urged Washington to accept the proposal to end the war. He said the longer the United States delayed, "the more American taxpayers will pay".