Oil prices jump on latest US-Iran peace process impasse

LONDON, May 12 (Reuters): Oil prices rose by more than 3 per cent on Tuesday as stark differences between the US and Iran over a proposal to end the war in the Middle East pushed supply concerns back into the spotlight.
Brent crude futures gained $3.34, or 3.21 per cent, to $107.55 a barrel by 1314 GMT, and US West Texas Intermediate was up $3.18, or 3.24 per cent, at $101.25. Both benchmarks climbed nearly 3 per cent on Monday.
"After both sides rejected each other's negotiation proposals, tensions between Iran and the US are escalating once more," said Commerzbank analyst Carsten Fritsch.
US President Donald Trump said on Monday that ?the ceasefire was on "life support", pointing to disagreements over Iran's demands of a cessation of hostilities on all fronts, the removal of a US naval blockade, the resumption of Iranian oil sales and compensation for war damage.