Oil prices increased by more than 3% on a global scale, with Brent crude coming very close to $108 per barrel, following US President Donald Trump’s refusal of an Iranian proposal that promised opening the Strait of Hormuz in just seven days in return for a lifting of sanctions, unfreezing of money, and end of US naval blockade. This diplomatic standoff caused volatility in Asian-Pacifica shares due to reduced shipping activity in the important energy waterway.