LIVE: Blow for Trump as US counterterror chief resigns over Iran conflict

As oil prices went down, stocks went up on Monday, though such moves have been quick to change since the war in Iran began.

US Treasury Secretary Scott Bessent downplayed oil price surge and dismissed concerns about rising oil prices since the start of the Iran war.

“I don't know how many weeks it will be, but on the other side of this, the world will be safer, and we will be better supplied,” Bessent said on CNBC.

He said the Treasury Department hasn't traded oil futures to try to cap prices. Asked whether it would going forward, the secretary said: “I'm not sure under what authority or what auspices” that would happen.

Shrapnel from an interception fell on the rooftop of the Greek Orthodox Patriarchate in Jerusalem, according to the Patriarchate. That's just metres from the Church of the Holy Sepulchre, built on the spot where Christian tradition holds that Jesus was crucified, buried and resurrected.

There were no immediate reports of injuries from the impact.

Jerusalem's Old City, where there are holy sites sacred to Muslims, Christians, and Jews, has come under uncommon fire this war. In past missile exchanges with Iran — including the 12-day-war — the city had been spared the damage seen in nearby cities like Tel Aviv or Beersheba.

But since the start of the most recent war, shrapnel has struck multiple sites close to the Old City, including homes in east Jerusalem, a main highway into Jerusalem and a concert venue in West Jerusalem.

China has called on all countries to immediately stop military operations in West Asia in response to US President Donald Trump's appeal to help keep the Strait of Hormuz open for international transport, ruling out Beijing joining any international naval force risking its close ties with Iran.

The effective closure of the vital waterway by Iran in retaliation for airstrikes by the US and Israel has proved catastrophic for global energy and trade flows, causing the largest oil supply disruption and soaring global oil prices.

China also said it is in talks with the US about Trump's planned visit to Beijing later this month, amid the US President's assertion that he may delay his China trip due to the Iran war.

About Trump’s call to China and other countries to join, Chinese Foreign Ministry spokesperson Lin Jian virtually ruled out Beijing’s participation in the naval armada to ensure safe passage of ships out of the Strait of Hormuz.

“China once again calls on parties to immediately stop military operations, avoid further escalation of the tense situation and prevent regional turmoil from further impacting the global economy,” he said. China is in “communication with relevant parties to work for the de-escalation of the situation”.