Global oil prices jumped overnight after U.S. President Donald Trump said an Iranian counteroffer to a 14-point U.S. plan to end the war was “totally unacceptable.” Brent crude, the international benchmark, rose by more than 4 percent to $105.50 a barrel, while West Texas Intermediate hit $99.80, up 4.4 percent, as the market reacted to the prospect of continued disruption to supply. Prices retreated slightly in European trade after markets there opened, with the Brent contract changing hands mid-morning in London on Monday at $103.95 and American crude at $97.59. “While there’s some expectation that a major reignition of the war is less likely, given the U.S. claims a cease-fire is still in place, severe supply constraints of commodities are set to continue. With the crisis now into the 11th week, consumers, companies and countries are having to adapt to a world of constrained supplies,” said Susannah Streeter, chief investment strategist at the Wealth Club. Sparta Commodities CEO Felipe Elink Schuurman told CNBC the economic impact could be as bad as during the COVID-19 crisis. “In 2020
