US-Iran deadlock pushes oil prices to a two-week high

Oil prices climbed about three per cent to a two-week high on Monday as peace talks between the US and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

Brent futures rose $3.13, or three per cent, to $108.46 a barrel at 12:26 EDT (16:26 GMT), while US West Texas Intermediate (WTI) crude rose $1.80, or 1.9 per cent, to $96.20.

That put Brent up for a sixth day in a row for the first time since March 8, 2025 and on track for its highest close since April 7. Work has not halted to bridge gaps between the US and Iran, sources from mediator Pakistan said, despite the failure of face-to-face diplomacy after US President Donald Trump called off a trip by his envoys and said Iran should phone when it wants a deal.