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Oil Prices Rise Amid US-Iran Stalemate

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-- Crude oil prices rose Monday as US-Iran talks appeared to have stalled, even as Tehran reportedly offered a new proposal for reopening the Strait of Hormuz.

West Texas Intermediate crude futures were last up 2.4% at $96.64 per barrel. Brent advanced 3.2% to $108.73.

Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.

Iran has submitted a proposal to reopen the Strait of Hormuz and delay talks on uranium enrichment, Axios reported, citing a US official and two other sources.

Uranium enrichment and Iran's control of the crucial waterway have been key sticking points during talks between between Washington and Tehran.

A Pakistan-brokered ceasefire between the US and Iran paused American and Israeli strikes on Tehran, but there's no framework yet for a long-lasting peace deal.

"Oil is trading stronger this morning after attempts to get US-Iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the Strait of Hormuz anytime soon," ING Bank Head of Commodities Strategy said in a note on Monday. "The lack of progress means the market is tightening every day, requiring oil prices to reprice at higher levels."

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