Oil prices rose by more than 2% as US-Iran peace talks stalled over the weekend, leading to heightened tensions in the energy markets. The ongoing closure of the Strait of Hormuz, a critical chokepoint for global oil shipments, has further exacerbated market volatility. The impasse in negotiations has left traders concerned about potential disruptions in oil supply, contributing to the price increase. The Strait of Hormuz remains effectively closed, intensifying fears of prolonged supply chain issues and impacting global energy markets.