Abu dhabi: Oil prices climbed about 3% to a two-week high on Monday as peace talks between the United States (US) and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

According to Emirates News Agency, Brent futures rose US$2.90, or 2.8%, to US$108.23 a barrel, while U.S. West Texas Intermediate (WTI) crude rose US$1.97, or 2.1%, to US$96.37. This increase marked a sixth consecutive day of gains for Brent, the first such streak since March 2025, positioning it for its highest close since April 7.

The ongoing geopolitical tensions and disrupted supply routes are contributing factors to the rising oil prices. The stagnant negotiations between the US and Iran have raised concerns over potential further supply constraints, influencing market dynamics and investor sentiment.