Oil prices rise as US-Iran peace talks stall

Oil prices rise as US-Iran peace talks stall9 minutes agoShareSaveAdd as preferred on GoogleOsmond ChiaBusiness reporterGetty ImagesOil 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 gwas up by 2.1% at $96.40.It comes after US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts.Global energy supplies have been under intense pressure since the start of the Iran war as the crucial Strait of Hormuz waterway was effectively closed after Iran threatened to attack ships in retaliation for US and Israeli airstrikes on the country.Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday that "important discussions on bilateral matters and regional developments" are ongoing with Oman, its neighbour along the strait.He posted on social media: "our focus included ways to ensure safe transit that is to benefit of all dear neighbors and the world. Our neighbors are our priority."Around a fifth of the world's crude oil and liquified natural gas (LNG) usually passes through the Strait of Hormuz.International BusinessOilDonald TrumpFuelIran war