Brent Crude prices saw a sharp spike on Monday, as peace dialogue between Iran and the United States appeared to have come to an impasse. The global benchmark jumped 3.2% to $107.65 per barrel.
Oil prices have remained extremely sensitive to developments in West Asia, as well as the lack of clarity on progress related to peace negotiations. Iranian Foreign Minister Abbas Araghchi said on Thursday that his country is prepared for a "doomsday war" after the Trump administration rejected Iran's Hormuz proposal.
Trump rejected Tehran's conditional offer to reopen the Strait of Hormuz and resume nuclear negotiations with Washington. The Wall Street Journal reported on Saturday, citing unnamed US officials, that Trump had also told aides he expected US strikes on Iran to resume after the November midterm elections.
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However, Araghchi said that while Iran is ready for a "doomsday" war with the US, the diplomacy door remains open so as not to "miss any chance for peace."
"The latest rise in international crude prices follows the rejection of an Iranian proposal to resolve the conflict and reopen the Strait of Hormuz, keeping supply concerns in focus," said Ponmudi R, CEO of Enrich Money.
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