Oil prices rise by more than 2% due to the stalemate in US-Iran peace negotiations

Oil prices went up on Monday because peace talks between the US and Iran broke down and shipments through the Strait of Hormuz stayed limited. The situation meant that the world didn’t have enough oil.

By 2202 GMT, Brent oil futures had gone up $2.22, or 2.11%, to $107.55 a barrel, and U.S. West Texas Intermediate had gone up $2.02, or 2.14%, to $96.42 a barrel.