The price of global benchmark Brent crude oil stood at $95.30 per barrel on Monday morning, while U.S. West Texas Intermediate (WTI) crude reached $106 per barrel.
The stalemate in talks has further deepened the dispute over Iranian ports and navigation through the Strait of Hormuz, one of the world's key energy transport routes. U.S. President Donald Trump canceled a planned visit by his top envoys to Islamabad after Tehran demanded that Washington first end the blockade of Iranian ports.
The U.S. Central Command said early Monday that it had stopped and turned back 38 ships as part of the blockade so far. According to a regional official involved in mediation, Pakistani officials are leading efforts to bridge the significant differences between the two sides.