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The Economic Times
The Economic Times
Business

Oil heads higher as US-Iran peace talks in stalemate

Oil Iran United States Donald Trump Middle East Saudi Arabia Strait of Hormuz ANZ

Oil prices rebounded more than 1% on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated.

Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT while US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%.

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