Brent June futures rose 1.5% to $111.37 per barrel, while WTI climbed 2.2% to $114.85, marking a third straight gain.
Iran rejected a U.S.-backed 45‑day ceasefire proposal, demanding permanent hostilities end, sanctions removal, and compensation, heightening tensions.
President Trump kept the Tuesday 8 PM ET deadline firm, warning U.S. strikes on Iranian infrastructure if Iran fails to comply.
OPEC+ announced modest production increases, but analysts say quotas remain notional as Strait of Hormuz disruptions tighten supply and lift risk premiums.