International crude oil prices rose again after tensions between the United States and Iran intensified. Oil prices increased on Monday after US President Donald Trump rejected Iran's proposed seven-day ceasefire.

The rise in oil prices has renewed concerns about higher global inflation and its potential impact on stock markets. Investors are also closely monitoring developments surrounding the Strait of Hormuz, a key route for global energy supplies.

Iran had proposed a seven-day ceasefire during the United Nations General Assembly. If implemented, the proposal was expected to facilitate the reopening of the Strait of Hormuz and ease disruptions to global energy supplies.

Iran has reportedly linked the reopening of the waterway to several conditions, including the release of frozen Iranian assets, the removal of sanctions on Iranian oil and an end to the US naval blockade.

North Sea crude oil prices rose 1.8% to $106.19 per barrel in international markets. US West Texas Intermediate (WTI) crude also increased 1% to $93.34 per barrel.

Higher oil prices also put pressure on Asian stock markets. South Korea's market fell by more than 2%, while markets in Japan, China, the Philippines, Thailand and Indonesia also recorded declines. Meanwhile, markets in Hong Kong, Australia, Singapore and New Zealand posted gains.

Although the possibility of renewed indirect talks between the US and Iran has provided some support to market sentiment, investors remain focused on developments in the Middle East and their potential impact on oil prices, inflation and global financial markets.