$107 Crude Prices Rise Amid Fresh Talks Between US, Iran

Crude oil prices rose to $107 per barrel on Monday, only to retreat to $105 as Qatar facilitated fresh talks between the US and Iran in a bid to end the conflict and reopen the Strait of Hormuz.

The proposed diplomatic engagement comes amid ongoing disruptions to oil shipments through the strategic waterway, sparking concerns about global energy supplies and contributing to volatility in crude oil prices. According to Reuters, Qatari mediators are set to hold separate talks with Iranian Foreign Minister Abbas Araqchi in New York and the US side on Monday or Tuesday.

The discussions aim to focus on an amended version of a seven-day proposal presented by Iran last week at the UN General Assembly. The proposal envisages an end to hostilities, the unfreezing of billions of dollars in Iranian assets, and the lifting of US sanctions on Iranian oil, among other concessions.