Oil Prices Rise Amid Wobbling U.S.-Iran Peace Talks

Oil prices increased by around two percent on Monday, reflecting ongoing tensions as peace talks between the U.S. and Iran faltered. Donald Trump canceled a planned trip to engage in negotiations, stating there was "no point" in sitting around without progress.

Iranian Foreign Minister Abba Araghchi arrived in Saint Petersburg for discussions with Russian President Vladimir Putin, blaming the U.S. for the failure of peace talks and citing excessive demands regarding safe passage through the Strait of Hormuz. The Iranian state media reported that there were no plans for a meeting with U.S. officials.

The situation has led to concerns about a potential spike in oil prices, particularly if tensions escalate further. The West Texas Intermediate crude was priced at $96.18 per barrel, while Brent North Sea crude reached $107.51 per barrel.

Stock markets showed mixed results, with fluctuations influenced by tech gains and investor anticipation of earnings reports from major U.S. tech companies.