Brent Crude Jumps Over 3% as Shipping Meeting Postponed

The Brent crude price surged over 3% to $107.77 per barrel in early trade due to the postponement of a meeting regarding shipping in the Strait of Hormuz.

The meeting, involving representatives from Persian Gulf states, was scheduled for Monday in Salalah, Oman, and was expected to announce agreements between Iran and Oman on shipping routes.

Omani Foreign Minister Badr Al Busaidi announced the postponement late Sunday night, citing that the event would be held indefinitely.