Oil prices rose sharply, with global benchmarks gaining nearly 2%, as stalled US-Iran peace talks and continued disruptions in the Strait of Hormuz heightened supply concerns.
Brent crude climbed $2.16, or 2.05%, to $107.49 per barrel, while US West Texas Intermediate (WTI) rose $1.77, or 1.88%, to $96.17. The gains extend last week’s rally, when Brent and WTI surged by about 17% and 13%, respectively.
Diplomatic momentum weakened after US President Donald Trump cancelled a planned Islamabad visit involving senior envoys, even as Iran continued outreach through regional channels. The setback has reduced hopes of a near-term resolution.
Meanwhile, supply pressures have intensified as Iran has largely restricted movement through the Strait of Hormuz, a critical oil transit route, while the United States maintains a blockade on Iranian ports. Shipping data indicates tanker traffic through the waterway remains severely limited.
Analysts warn that prolonged disruptions could tighten global supply further, raising the risk of sustained high prices and increased volatility in energy markets.
