Oil prices rose on Monday morning in Asia after plans for a second round of peace talks between the US and Iran were scrapped.
Brent, the global benchmark, rose 2.2% to $107.70 a barrel, while US-traded crude rose 2.1% to $96.40, the BBC notes.
We remind you that US President Donald Trump said on Saturday that Washington canceled plans to send a team to Pakistan for negotiations with their Iranian counterparts.
Global energy supplies have been under intense pressure since the start of the Iran war, as the Strait of Hormuz, a crucial waterway, was effectively closed after Iran threatened to attack shipping in retaliation for US and Israeli airstrikes on the country.
Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday that “important discussions on bilateral issues and regional developments” were underway with Oman, its cross-strait neighbor.
He posted on social media: “We are focused on ways to ensure safe transportation for the benefit of all our dear neighbors and the world. Our neighbors are our priority.”
About a fifth of the world's crude oil and liquefied natural gas (LNG) pass through the Strait of Hormuz.
Trump wrote in a post on Truth Social on Saturday that he had “wasted too much time traveling” and sending US representatives to Islamabad.
The president added that “there is infighting and tremendous confusion” within the leadership in Tehran.
“Nobody knows who's in charge, not even them,” he said. “Besides, we hold all the cards; they don't! If they want to talk, all they have to do is call us!!!”
