Oil prices rose Tuesday amid concerns over a prolonged Middle East conflict after President Trump's comments that the ceasefire with Iran is on "life support"

President Trump said he's extending the ceasefire until Iran has submitted a proposal in talks with the U.S. "and discussions are concluded."

The United States and Iran have signalled they will hold a new round of ceasefire talks in Pakistan, two regional officials said Tuesday, as leaders on both sides warned they were prepared for more fighting if a fragile two-week truce expires without a deal.

US President also said he would continue the US Navy's blockade of Iran's trade by sea, considered an act of war by Tehran

Trump called Iran’s counter peace proposal “totally unacceptable,” dimming the prospects of an imminent deal to end the war.

President Donald Trump huddled with his national security team Tuesday afternoon at the White House facing a major decision: what to do next with Iran.

Oil pushed higher as US president Donald Trump cast doubt over the ceasefire with Iran after rejecting Tehran’s latest peace offer, prolonging the effective closure of the vital Strait of Hormuz. Brent crude traded near $105 a barrel after rising 2.

As it remains uncertain whether Tehran will return to the negotiating table, Trump warned the U.S. will resume its assault of Iran if talks don't progress.

The Iran war’s shaky ceasefire was further strained on Friday as the United Arab Emirates responded to a missile and drone strikes, hours after the U.S. said it thwarted attacks on three Navy ships in the Strait of Hormuz and retaliated against Iranian military facilities. There were no immediate reports of damage in the UAE.