Oil prices rise as US-Iran peace talks stall

Agencies: Oil prices rose yesterday, Monday, amid a lack of progress in diplomatic efforts to resolve the conflict between the United States and Iran, but the absence of major supply disruptions limited gains. Brent crude futures rose 57 cents, or 0.64%, to $89.09 per barrel, after reaching an intraday high of $89.68. West Texas Intermediate (WTI) crude futures climbed 16 cents, or 0.19%, to $82.56 per barrel. Futures for both benchmarks had risen by more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) in the Strait of Hormuz and a refinery belonging to Saudi Aramco. The report added that prices are currently trading near $90, as investors weigh the risks of further disruptions and supply shortages against the possibility of a settlement that could lead to the reopening of the Strait of Hormuz, resulting in a sharp decline in oil prices.