FRANKFURT, April 27 (Bernama-dpa) -- Oil prices are climbing as stalled negotiations between Iran and the United States raised fresh concerns over global supply, reported German Press Agency (dpa).
Brent crude, the international benchmark, rose 2.81 per cent to US$108.28 per barrel in volatile trading on Monday.
Diplomatic efforts to end the two-month US-Israel war on Iran made no progress over the weekend.
US President Donald Trump cancelled a trip by his negotiators to Pakistan, which is playing the role of mediator, on Saturday at short notice — the second time in a week. Trump cited what he described as an unacceptable proposal from Iran.
The Strait of Strait of Hormuz therefore remains almost completely closed.
According to US news outlet Axios, Iran has put forward a new proposal to reopen the strategically vital waterway for global oil transport. There has been no official confirmation, and markets seemed sceptical of a breakthrough.
"Developments in West Asia remain the key driver in energy markets," said Barbara Lambrecht, a commodities analyst at Germany's Commerzbank. As long as there are no signs of the Strait of Hormuz reopening, Brent crude is likely to remain above US$100 per barrel, she said.
-- BERNAMA-dpa
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