Oil prices have risen sharply following United States President Donald Trump’s rejection of an Iranian proposal to reopen the Strait of Hormuz within seven days. Brent crude, the international benchmark, rose more than 3 percent on Monday, nearing $108 a barrel during trading in Asia. After easing in the afternoon, Brent futures for November were trading at $107.35 a barrel shortly before 08:00 GMT. Major stock markets in the Asia Pacific had a mixed session after Wall Street ended the week on a high on Friday with a 0.5 percent gain for the benchmark S&P 500. Japan and South Korea’s benchmark Nikkei 225 and Kospi indexes fell 0.73 percent and 2.70 percent, respectively. Hong Kong’s Hang Seng Index rose 0.
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