Oil prices rise again, hopes for US-Iran deal fade

The price of oil on international markets has risen again, while hopes for an agreement between Israel and the US and Iran to end the conflict in the Middle East are fading.

Brent crude, the international benchmark, rose about 4% to around $105 a barrel, its highest level since the middle of last week.

During the most tense days of the conflict, the price of oil had reached as high as $120 per barrel, adding to concerns about the economy and inflation in many countries around the world.

The latest escalation came after Iran rejected a US-sponsored proposal to end the war. US President Donald Trump declared the Iranian counter-proposal "totally unacceptable".

Full details of the proposed agreement have not been made public.

Experts warn that maintaining oil prices above $100 per barrel, coupled with supply problems, could lead to further increases in energy and commodity prices in global markets.

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