Oil rises 1% as US-Iran peace talks stall

Oil prices were up more than 1% on Monday as peace talks between the US and Iran stalled while shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight. Brent crude futures rose $1.35, or 1.3%, to $106.68 a barrel by 0453 GMT, retreating from early session gains of over $2 a barrel. US West Texas Intermediate was at $95.35 a barrel, up 95 cents, or 1%. Last week, Brent and WTI gained nearly 17% and 13%, respectively, the biggest weekly gains since the start of the war. Hopes of reviving peace efforts receded during the weekend when US President Donald Trump scrapped a planned trip to Islamabad by his envoys Steve Witkoff and Jared Kushner, even as Iranian Foreign Minister Abbas Araqchi arrived in Pakistan.