Global oil prices have climbed following the collapse of renewed peace talks between the United States and Iran, raising concerns over energy supply disruptions.
Benchmark Brent crude rose by more than 2 percent on Sunday, reaching around $106.99 per barrel early Monday (GMT), after hopes for extending a ceasefire faded.
Despite volatility in energy markets, Asian stock markets showed resilience. Japan’s Nikkei 225 and South Korea’s KOSPI both opened higher, indicating limited immediate spillover into equities.
The diplomatic impasse deepened after U.S. President Donald Trump canceled a planned visit by envoys to Pakistan, citing a lack of progress in direct engagement. Meanwhile, Iran’s Foreign Minister Abbas Araghchi is in Russia for talks with Vladimir Putin, seeking a way forward amid the deadlock.
Tensions have also intensified in the Strait of Hormuz, a critical route for global energy shipments. Threats to commercial vessels have sharply reduced maritime traffic, with only 19 ships passing through on Saturday—far below normal levels.
According to the United Nations Conference on Trade and Development, the strait typically handles nearly one-fifth of the world’s oil and natural gas supply, making the current slowdown a major concern for global markets.
