-- (Article updated to name ING's Warren Patterson in the last paragraph.)
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 Warren Patterson 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."