US President Donald Trump warned that Tehran's rejection of his administration's demands meant the already tenuous ceasefire is now "unbelievably weak", and called Iran's counter-offer 'garbage'. Meanwhile Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who served as chief negotiator in previous talks with Washington, said shortly afterwards that his country was prepared 'for any eventuality.' Follow our liveblog for the latest updates.
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Oil prices climbed on Tuesday as US-Iran talks stalled, while markets were mixed as traders appeared to shrug off uncertainty over the 10-week-old war.
Optimism over Washington's proposal to Iran to ease the conflict collapsed when Trump told reporters on Monday that Iran's counter-offer was "garbage".
The impasse, which leaves the vital Strait of Hormuz mostly closed to oil tanker traffic, unnerved global energy markets.
The international benchmark Brent crude price jumped one percent to $105 a barrel during Tuesday morning trade in Asia, while benchmark US oil contract West Texas Intermediate (WTI) also rose one percent to $99 a barrel.