Oil prices climbed around 2 per cent on Monday to touch a three-week high of $107.97 a barrel as diplomatic efforts to end the conflict between the United States and Iran appeared to falter.
Peace Talks Stalled
President Donald Trump stated that Iran can contact the United States if it wishes to negotiate an end to the war. “You know, there is a telephone. We have nice, secure lines,” he remarked. This came after the US president cancelled a planned trip by his envoys Steve Witkoff and Jared Kushner to Pakistan on Saturday, a move seen as a setback to ongoing peace talks.
Iran-Oman Consultations
Iranian foreign minister Abbas Araqchi announced that Iran and Oman have agreed to continue expert-level consultations aimed at ensuring safe transit through the Strait of Hormuz and protecting shared interests in the strategic waterway. The strait is a critical chokepoint for global oil shipments.
UK Economic Impact Deepens
The British government is scrambling to secure supplies of carbon dioxide for food producers and breweries, and is drawing up contingency plans for potential jet fuel shortages this summer. These measures highlight the deepening economic impact of the war on the United Kingdom, affecting key industries and raising concerns about supply chain disruptions.
