Brent crude jumped by more than 2 percent on Sunday after hopes for a second round of ceasefire negotiations between Washington and Tehran collapsed over the weekend.
Oil prices have risen as peace talks between the United States and Iran remain stalled.
Brent crude jumped by more than 2 percent on Sunday after hopes for a second round of ceasefire negotiations between Washington and Tehran collapsed over the weekend.
After a slight pullback, Brent the main global benchmark stood at $106.99 as of 1:30 GMT.
Despite the deadlock, Asian stock markets opened higher on Monday.
Japan’s benchmark Nikkei 225 and South Korea’s KOSPI rose by 0.9 percent and 1.5 percent respectively in early trading.
US President Donald Trump on Saturday cancelled a planned trip to Pakistan by his envoys, Steve Witkoff and Jared Kushner, after Iran’s Foreign Minister Abbas Araghchi left Islamabad before any direct talks could take place.
Araghchi arrived in Saint Petersburg, Russia, on Monday for meetings with President Vladimir Putin and other officials, as Tehran looks for a way out of the diplomatic impasse.
His visit, which follows a brief stop in Oman on Sunday, comes amid uncertainty surrounding the fragile ceasefire between Washington and Tehran.
Trump last week announced an extension of the two-week truce but did not set a deadline for reaching a broader agreement to end the conflict.
As negotiations remain deadlocked, Iran’s threats to commercial shipping in the Strait of Hormuz have sharply reduced maritime traffic, disrupting a significant share of the world’s oil and gas supply.
According to maritime intelligence firm Windward, only 19 commercial vessels passed through the strait on Saturday a key route that typically handles about one-fifth of global oil and natural gas shipments.
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