Iran has shown willingness for diplomacy, with a minister stating that only negotiation can resolve the conflict after US President Donald Trump rejected a deal concerning the Hormuz Strait. Meanwhile, five British nationals have been arrested in connection with an explosives case near a US-run airbase in the UK. Authorities are investigating a potential Iranian link to the suspected terror plot. Oil prices have shown a 3% climb, reflecting the stalemate in ongoing US-Iran peace talks.