Asian markets wobble after Trump rejects Iran response

Asian share futures fell and the dollar strengthened on Monday after Iran delivered its response to a US proposal and Donald Trump dismissed it as “totally unacceptable,” fueling fears of prolonged disruption in the Strait of Hormuz and sending oil prices sharply higher.

Brent crude futures climbed 2.8% in early trade to $104.06 a barrel, while US crude rose 2.7% to $97.97.

The dollar also gained as investors sought liquidity during market volatility, rising 0.2% against the Japanese yen to 156.88 yen, while the euro slipped 0.2% to $1.1760.