Oil prices edge up on stalled Iran peace talks

Oil prices rose more than 2 percent on early trading on Monday as the stalemate between the US and Iran over peace talks continued.

Brent crude futures climbed to $107.49 a barrel by 23:46 GMT, a 20-day high. US West Texas Intermediate rose 1.9 percent to $96.17 a barrel.

Brent and WTI, which surged almost 17 percent and 13 percent last week, then eased, trading just above 1 percent at 03:30 GMT.

In a post on Truth Social, US President Donald Trump said he had cancelled the trip of his envoys Steve Witkoff and Jared Kushner to Islamabad, Pakistan, on Saturday for peace talks with Iran.

“We have all the cards, they have none! If they want to talk, all they have to do is call!!!,” he said.

However, Iranian foreign minister Abbas Araqchi visited Pakistan and Oman on Sunday before travelling to Russia to meet President Vladimir Putin.

“Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments,” he said on X on Saturday.

Iran gave the US a new proposal through Pakistani mediators on reopening the Strait of Hormuz and the ending of the war, with nuclear negotiations postponed for a later stage, Axios, a US news website, reported on Sunday, citing unnamed sources.

The US and Iran have both imposed blockades at the Strait, which usually transports almost one-fifth of the world’s oil and gas.

Gold edged higher on Monday morning as spot gold was up 0.6 percent at $4,727 per ounce, as of 03:30 GMT. Last week, it fell 2.5 percent, snapping a four-week winning streak.

The Saudi stock exchange rose marginally on Sunday, driven by a surge in petrochemical companies Rabigh Refining and Petrochemical (10 percent) and Yanbu National Petrochemical (7 percent).

Petro Rabigh is 60 percent owned by Saudi Aramco, while Sabic holds 51 percent in Yansab.

The Dubai and Abu Dhabi stock markets will open for trading today.

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