Oil prices jump as US and Iran exchange fresh strikes and ceasefire talks remain in balance

A currency trader talks on the phone at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea - (AP)

Oil prices jumped more than 2 per cent on Monday as negotiations between the United States and Iran continued over a potential ceasefire extension and the reopening of the Strait of Hormuz, while stock markets in Japan and South Korea hit record highs driven by enthusiasm over artificial intelligence.

Brent crude, the international benchmark, rose 2.4 per cent to $93.33 a barrel in early trading, up from around $70 a barrel in late February, before the war began. US benchmark crude gained 2.8 per cent to $89.76 a barrel.