Oil prices jumped on Monday as Iran and the United States remained far apart in negotiations over energy access in the Persian Gulf. President Trump rejected Iran’s cease-fire proposal, calling it “unacceptable,” while Iran’s foreign minister, Abbas Araghchi, stated they awaited “definitive news” from Washington. The impasse has driven up energy prices ahead of midterm elections, increasing costs for consumers.

Brent crude rose over 3 percent to about $108 a barrel, and West Texas Intermediate crude traded above $95 a barrel. Ship operators remain wary of the Strait of Hormuz, a vital waterway between Iran and Oman. Advances by the Iranian-backed Houthi militia in Yemen have also threatened oil shipments through the Red Sea.

Saudi Arabia temporarily shut its East-West pipeline due to a drone attack by an Iranian-backed Iraqi militia. Stocks globally were mostly lower, with the S&P 500 futures pointing to a 0.5 percent decline. In Asia, China’s stocks fell about 2 percent, and South Korea’s KOSPI dropped 2.7 percent.

Gasoline prices remained steady at a national average of $4.48 a gallon, while diesel averaged $6.45, up over 70 percent since the war began.