Oil prices climb as hopes for Iran peace deal fade

Brent Crude Oil rose 1.9% to $106.21 as failing peace talks between the United States and Iran revived supply fears. Prices climbed nearly 2.8% on Monday after Israel and Washington reported stark differences on a peace proposal. A failed deal risks pushing oil toward $115, threatening global energy stability.

West Texas Oil gained 2.4% to $100.38. President Donald Trump said the ceasefire is on life support due to disagreements over a naval blockade and Iranian oil sales. Tehran also asserted sovereignty over the Strait of Hormuz, a conduit for about a fifth of global oil and liquefied natural gas.