-- Crude oil prices surged on Monday as negotiations to end the war in Iran remain at a standstill, with a grim outlook for flows through the Strait of Hormuz.
Brent crude at last look jumped 1.2% to US$109.43/barrel and West Texas Intermediate crude rose 1% to $102.94/barrel. This comes as U.S. President Donald Trump said the U.S. plans to assist ships passing through the Strait of Hormuz, but shipping through the waterway is still constrained, Reuters said in a Monday report.
In response, Iran's military warned U.S. forces not to enter the strait, the report said.
"The path for prices remains skewed to the upside as long as flows through the Strait remain restricted," Reuters quoted UBS analyst Giovanni Staunovo as saying.
Trump is prioritizing a nuclear deal with Tehran, but Iran wants to defer nuclear talks until after the war and first lift rival blockades on Gulf shipping, Reuters reported.