Oil prices rose Monday morning in Asian trading after plans for a second round of peace talks between Washington and Tehran collapsed.
Brent crude, the global benchmark, gained 2.2 percent to $107.70 (£79.66) a barrel, while US‑traded West Texas Intermediate rose 2.1 percent to $96.40, BBC reports.
The move followed US President Donald Trump’s announcement Saturday that Washington had cancelled plans to send negotiators to Pakistan for talks with Iranian counterparts.
Trump said, “too much time wasted on travelling” and “tremendous infighting and confusion” within Tehran’s leadership had derailed the effort.
He added, “Nobody knows who is in charge, including them. Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!”
Global energy supplies remain under strain as the Strait of Hormuz, a key Persian Gulf chokepoint, has been effectively closed since Iran threatened to attack shipping in retaliation for US and Israeli airstrikes.
Roughly a fifth of the world’s crude oil and liquefied natural gas normally transits the strait.
Iranian Foreign Minister Seyed Abbas Araghchi said Sunday that “important discussions on bilateral matters and regional developments” were continuing with Oman, its neighbour along the strait.
He wrote on social media that talks focused on “ways to ensure safe transit that is to benefit of all dear neighbors and the world. Our neighbors are our priority.”
Brent crude has already risen more than 10% since Trump announced last week that he would extend a ceasefire with Tehran to give its leadership time to present a “unified proposal.”
