Oil Prices Soar as US-Iran Peace Talks Stall

Oil prices surged almost 3% on Monday due to stalled peace talks between the US and Iran, keeping global oil supplies tight.

The Brent crude benchmark rose $3, or about 2.9%, to $108.36 a barrel by 0828 GMT, its highest in three weeks. U.S. West Texas Intermediate was up $2.45, or 2.6%, at $96.85.

Hopes of reviving peace efforts receded over the weekend when US President Donald Trump said Iran could telephone if it wants to negotiate an end to their two-month war.

Tehran has largely closed the Strait of Hormuz while Washington has imposed a blockade of Iran's ports. Traffic through the waterway remained limited, with only one oil products tanker entering the Gulf on Sunday.