Asian shares are mixed and oil jumps 4% after Trump rejects Iran's response to ceasefire proposal

Following Trump’s rejection of Iran’s response to the war proposal as ‘totally unacceptable,’ oil prices surged. With the Strait of Hormuz blocked and the U.S. continuing its naval blockade, oil prices are expected to remain elevated. The outcome of Trump’s meeting with Xi Jinping is being closely watched amid attempts to leverage China’s influence to secure a peace deal.