-- Crude oil prices rose on Monday as talks to end the war between the U.S. and Iran remain frozen and flows through the crucial Strait of Hormuz continue to be disrupted.
Brent crude at last look gained 2.7% to US$108.17/barrel and West Texas Intermediate crude climbed 2.4% to $96.63/barrel. The U.S. and Iran appear to still be far apart on issues including Iran's nuclear ambitions and the reopening of the strait, Reuters said in a Monday report.
"The diplomatic stand-off means that every day 10-13 million barrels of oil fail to get to the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.
Goldman Sachs raised its fourth-quarter oil price forecasts to $90/barrel for Brent and $83/barrel for WTI, citing reduced output from the Middle East, the report said.