Oil prices are up more than 1% today as peace talks between the US and Iran stall while shipments through the Strait of Hormuz remain limited, keeping global oil supplies tight.
Brent crude futures rose $1.35, or 1.3%, to $106.68 a barrel by 0453 GMT, retreating from early session gains of over $2 a barrel. US West Texas Intermediate is at $95.35 a barrel, up 95 cents, or 1%.
Last week, Brent and WTI gained nearly 17% and 13%, respectively, the biggest weekly gains since the start of the war.
Hopes of reviving peace efforts receded during the weekend when US President Donald Trump scrapped a planned trip to Islamabad by his envoys Steve Witkoff and Jared Kushner.
“President Trump’s recent post on Truth Social, urging to shoot and kill any Iranian boat laying mines in the Strait of Hormuz, alongside his claims of having full control over Hormuz, has continued to fuel elevated war premiums,” says Priyanka Sachdeva, analyst at Phillip Nova.
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