Oil prices rise as US-Iran peace talks stall

Oil prices have risen after plans for a second round of peace talks between the US and Iran stalled again. Brent, the global benchmark, rose by around 2% to $109.33 (£80.72) a barrel, while US-traded crude also increased by 2% at $96.78. US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for ne...

Oil prices have risen after plans for a second round of peace talks between the US and Iran stalled again.

Brent, the global benchmark, rose by around 2% to $109.33 (£80.72) a barrel, while US-traded crude also increased by 2% at $96.78.

US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts.

Global energy supplies have been under intense pressure since the start of the Iran war as the crucial Strait of Hormuz waterway has been effectively closed by the conflict.