Crude oil prices on Monday climbed once again after falling to $100 per barrel amid rising uncertainty in West Asia.
Brent crude surged around 2 per cent on Sunday after hopes for a second round of ceasefire negotiations between the United States and Iran collapsed over the weekend.
After a slight decrease, Brent, the global benchmark for oil prices, rose to $106.99 as of 1:30 GMT.
However, the oil prices that triggered uncertainties earlier in the Asian markets have now somewhat become immune to the fluctuations, as Japan’s Nikkei 225 rose 0.9 percent, while South Korea’s KOSPI rose 1.5 percent during early morning trading.
On Saturday, US President Donald Trump cancelled a planned trip to Pakistan by his envoys, Steve Witkoff and Jared Kushner, after Iranian Foreign Minister Abbas Araghchi departed Islamabad before any direct engagement could take place between the sides.
Araghchi is now in Russia’s Saint Petersburg for talks with Russian President Vladimir Putin and other officials as Tehran seeks a way out of the diplomatic impasse.
Even after the collapse of talks, Trump announced an extension to the two-week ceasefire, without specifying a deadline for reaching a deal to end hostilities.
As US and Iranian negotiators struggle to break the deadlock, Tehran’s threats against commercial shipping in the Strait of Hormuz have reduced traffic to a trickle, paralysing a large portion of the world’s supply of oil and natural gas.
Also read: West Asia tensions: Earnings, crude prices to drive markets
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