Oil prices rise as US-Iran peace talks stall

oil prices climbed monday morning in asia after a second round of us-iran peace talks stalled. brent crude rose 2.2% to $107.70 a barrel, and us-traded crude was up 2.1% at $96.40. trump said saturday washington cancelled plans to send a team to pakistan for negotiations with iranian counterparts. global supply pressure has been intense since the iran war began, with the strait of hormuz effectively closed after iran threatened to attack ships in retaliation for us and israeli airstrikes. about a fifth of the world's crude and lng usually passes through that waterway. iranian foreign minister araghchi said sunday that "important discussions on bilateral matters and regional developments" are ongoing with oman. trump posted on truth social that there was "too much time wasted on travelling" and "tremendous infighting and confusion" within tehran's leadership, adding "if they want to talk, all they have to do is call."