Oil prices rise as US-Iran peace talks stall

Oil prices rose on Monday morning in Asia after plans for a second round of peace talks between the US and Iran stalled again. Brent, the global benchmark, rose by 2.2% to $107.70 (£79.66) a barrel, while US-traded crude was up by 2.1% at $96.40.

US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts. Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday that "important discussions on bilateral matters and regional developments" are ongoing with Oman. He added, "Our focus included ways to ensure safe transit that is to the benefit of all dear neighbours and the world. Our neighbours are our priority."

Trump wrote in a Truth Social post on Saturday that there was "too much time wasted on travelling" and "too much work" in sending US representatives to Islamabad. He also said that "there is tremendous infighting and confusion" within Tehran's leadership, adding, "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!!!" Brent crude has risen by more than 10% since Trump announced last week that he would extend a ceasefire with Tehran to give its leadership a chance to present a "unified proposal".