Oil prices rose on monday as stalled us-iran peace talks and slower tanker traffic through the strait of hormuz heightened concerns about oil supplies. brent crude futures rose 1% to $89.40 a barrel:ran peace talks and slower tanker traffic through the Strait of Hormuz heightened concerns about oil supplies. Brent crude futures rose 1% to $89.40 a barrel, while the contract was last up 72 cents at $89.20. US West Texas Intermediate (WTI) crude futures also gained 44 cents to $82.83 a barrel. Both benchmarks rose more than 5% last week amid continued tensions in the Middle East.

According to Qatar News Agency, the increases in oil prices are influenced by geopolitical factors affecting the oil market's stability. The stalemate in negotiations between the US and Iran has added to the uncertainty surrounding future oil supplies. Additionally, the Strait of Hormuz, a critical chokepoint for global oil transportation, is experiencing slower tanker traffic, exacerbating supply concerns.

The recent rise in oil prices highlights the market's sensitivity to geopolitical developments and logistical challenges. The situation in the Middle East has historically played a significant role in influencing oil prices due to the region's substantial contribution to global oil production and supply routes. The market response indicates that traders are closely monitoring these developments to anticipate potential impacts on the oil supply chain.