Geneva: Oil prices have risen by 6 percent on Monday, amid anticipation of peace talks between the United States and Iran. Brent crude futures climbed to USD 5.10 per barrel, or 5.64 percent, to reach USD 95.48 a barrel. US West Texas Intermediate crude rose to USD 89.61 per barrel, up USD 5.76, or 6.87 percent.

According to Qatar News Agency, the increase in oil prices comes as the market reacts to the potential diplomatic engagements between the US and Iran, which could influence the global oil supply dynamics. The renewed discussions between these nations have caused fluctuations in the oil markets, reflecting investor sentiment regarding geopolitical stability in the Middle East. The anticipated talks are seen as a pivotal moment that could lead to easing tensions and impacting oil production and distribution in the region.