Oil rises as US-Iran peace talks stall and shipping activity slows

Oil prices rose on Monday, as hopes for a breakthrough in peace talks between the United States and Iran faded, coinciding with a slowdown in tanker traffic through the Strait of Hormuz, which heightened concerns about geopolitical risks in oil markets.

Brent crude futures climbed about 1% to $89.40 a barrel, after rising 72 cents to $89.20 in the latest trade by 02:29 GMT, while U.S. West Texas Intermediate crude futures gained 44 cents to $82.83 a barrel.

The two benchmarks had risen 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.