Oil prices climbed as hopes for deescalation in the ongoing war weakened, after Iran dismissed Donald Trump’s claim that talks were underway to end the conflict.

Brent crude futures, the global benchmark, rose nearly 2% on Thursday, briefly surpassing $104 per barrel, The Caspian Post reports, citing Al Jazeera.

The increase follows a slight decline on Wednesday, when prices had eased after reports that Trump proposed a 15-point plan aimed at ending the war with Iran.

Overall, oil prices have surged more than 40% since the conflict began, largely driven by disrupted shipping through the Strait of Hormuz.

Meanwhile, Asian stock markets opened lower on Thursday, with declines recorded in Japan’s Nikkei 225, South Korea’s KOSPI, and Hong Kong’s Hang Seng Index.