The United States and Iran failed to agree to a peace proposal, keeping oil prices high and global energy supplies tight.
SINGAPORE: Oil prices jumped $3 a barrel on Monday as the United States and Iran failed to agree to a peace proposal drafted by Washington while the Strait of Hormuz remained largely closed, keeping global energy supplies tight.
Brent crude futures climbed $3.18 or 3.14% to $104.47 a barrel by 2336 GMT, extending a 1.23% gain on Friday. U.S. West Texas Intermediate was at $98.51 a barrel, up $3.09, or 3.24%, after settling 0.64% higher in the previous session.
Hopes for an imminent end to the 10-week-old U.S.-Iran conflict that would allow oil transit through the Strait of Hormuz were dashed after President Donald Trump on Sunday dismissed the Iranian response to a U.S. proposal for peace talks as"unacceptable". Trump is scheduled to arrive in Beijing on Wednesday and is expected to discuss Iran among other topics with Chinese President Xi Jinping, according to U.S. officials.
"Market attention now shifts squarely to President Trump’s visit to China this week," IG market analyst Tony Sycamore said in a note. "There is hope he can persuade Beijing to leverage its influence over Iran to push for a comprehensive ceasefire and a resolution to the ongoing disruption in the Strait of Hormuz.
" The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco CEO Amin Nasser said on Sunday. Another two tankers laden with crude exited the Strait of Hormuz last week with trackers switched off to avoid Iranian attacks, Kpler shipping data showed, underscoring a rising trend to sustain Middle East oil exports. - Reuters
Oil Prices United States Iran Peace Proposal Strait Of Hormuz Global Energy Supplies Brent Crude Futures U.S. West Texas Intermediate Iran-US Dispute Peace Talks Beijing China Xi Jinping Iranian Response President Trump Amin Nasser
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran's Strategic Leverage: Disrupting Global Trade through the Strait of HormuzThe news article discusses Iran's strategic weapon being leverage, specifically through the Strait of Hormuz, where one-fifth of global oil and liquefied natural gas supplies pass. Iran's ability to disrupt global trade and create instability has led to a 'double blockade' between Iran and the United States.
Read more »
South Korean budget airlines cut 900 round-trip flights amid soaring oil pricesJet fuel prices have surged 2.5 times since the outbreak of the Middle East war as airlines prepare to face worsening business conditions.
Read more »
Iran War Cannot End Over Iran Nuclear Material Removal, Says Israeli PM Benjamin Netanyahu to CBSIn an interview with CBS's 60 Minutes, Benjamin Netanyahu, the Israeli Prime Minister, said that Iran's nuclear material cannot be removed until the war against Iran is over. He contradicted US President Donald Trump's public position that Iran's nuclear program has been contained and that the uranium can be removed whenever wanted.
Read more »
Share futures ease, dollar gains as Gulf talks teeterOil prices climb higher as signs of deadlock in US-Iran peace talks leave the Strait of Hormuz largely shut.
Read more »